Fashion retailer, India Family Mart aims to further invest Rs 200 crore in retail expansion and open 90 more stores during the next two financial years.
The retail chain owned by Nysaa Retail Pvt Ltd., completed 90 stores across 82 cities of Eastern and Northern India generating revenue worth Rs 420 crores. The value fashion retailer now aims to invest Rs 200 crore (US $30 million) in retail expansion to open 100 stores during the next two financial years.
Making affordable and fresh fashion apparels, lifestyle products and general merchandise accessible to its customers, India Family Mart started operating with two stores in UP’s Ghazipur and Fatehpur district in a comparatively smaller area. It gradually expanded operations across Bihar, Jharkhand, Chhattisgarh and the North East with larger stores.
Speaking on the successful operations of all their 90 stores, Ravinder Singh, co-founder said, “We are delighted to bring the next level of retail experience to our customers in these 82 cities. The encouraging response garnered by all the existing stores indicates the increasing demand for affordable fresh fashion and general merchandise among the aspirational class in India. Witnessing such increasing demand and potential in tier-2, tier-3, and tier 4 cities, we are planning to add more stores by 2020, which will drive us towards our ultimate vision of addressing the fashion needs of 75 per cent of the country’s population.”
India Family Mart raised its first external funding worth US$ 7 million in 2018 for investing in expansion, technology, CRM, warehousing and storefront training. Having managed to maintain a healthy growth rate and profitability on the financial books, the firm has recently raised its second round of external debt funding worth Rs 20 crores. The company will now leverage the amount for expanding to newer geographies by adding up 40 stores in the current year and 50 stores by 2021.