Mumbai, July 28 -- Ratnadeep Retail Pvt Ltd has engaged DAM Capital to facilitate a more than $100-million fundraise as the Hyderabad-based grocery chain looks to expand operations and eventually list on the public markets, at least four people familiar with the matter said.

"Ratnadeep plans to raise about Rs.500-600 crore ($60-75 million) in fresh capital and the promoters will also look to monetise some of their stake in the round," said one of the people cited above. "The company also has ambitions to tap the public markets over the next 12-24 months and this is more like a pre-IPO round that they are discussing," a second person said, adding that a deal has been in the works for over a year now.

"The capital will be used to increase...