New Delhi, May 15 -- Dubai-based financial services firm Gulf Islamic Investments (GII) and Indian mid-market private equity firm Carpediem Capital have doubled down on their investments in 1-India Family Mart as the value retail chain raised $12 million (Rs 103 crore) in its Series D funding.

Singapore-based Foundation Private Equity, Capri Global Holdings, the company's promoter JP Shukla and some high-net-worth individuals also joined this round, the company said in a statement on Thursday.

"With this fresh capital, we are poised to accelerate our growth, deliver greater value to our customers, and reinforce our leadership in India's value retail market," Shukla said.

1-India Family Mart, which is operated by Nysaa Retail Pvt. Ltd, said the funding will help the company to expand its retail network within the country.

As of now, 1-India Family Mart operates 65 stores across 10 states, including Uttar Pradesh, Bihar, and Jharkhand, and boasts of a retail footprint spanning nearly 5 million square feet.

"The company's focused approach to serving the underserved markets of tier 2, 3, and 4 cities, combined with its robust operational model and exciting growth trajectory, lays the foundation for building a strong leadership position in India's value retail sector," said Hithendra Ramachandran, managing director at Carpediem Capital.

The Gurugram-based company intends to achieve Rs 600 crore in revenue and expand to 100 stores by 2029, it said.

According to VCCircle's data and research platform VCCEdge, consolidated net revenue of 1-India Family Mart were Rs 205.6 crore in 2022-23 compared with Rs 214.13 crore the previous year.

1-India Family Mart offers fashion apparel, lifestyle products, and general merchandise through its retail outlets.

Started in 2012, the retailer raised its first institutional round of funding from Carpediem in 2018. In 2021, it diluted a minority stake to raise funding from Suumaya Industries Ltd. The retail chain raised Rs 50 crore from GII in 2022.

Singapore-based Foundation PE, which specialises in secondaries transactions, joined the retailer's cap table in 2023 when it struck a portfolio-level deal with Carpediem. The deal involved Foundation investing in three Carpediem-backed companies including 1-India Family Mart.

Published by HT Digital Content Services with permission from VC Circle.