It aims to utilise the capital to fund expansion and strengthen technology and capabilities.
Delhi-based Nysaa Retail Pvt. Ltd., which operates a chain of value retail stores under the brand name “1-India Family Mart”, has raised around $6.5 million from private equity (PE) fund Carpediem Capital.
The company will utilise the capital to fund expansion and strengthen technology and capabilities.
Nysaa Retail is a value retailer selling apparels and general merchandise in Tier II/III cities and smaller towns. The company began operations in October 2013 and is led by first generation entrepreneurs Jay Prakash Shukla and Ravinder Singh. Jay Prakash Shukla, Founder and CEO of Nysaa Retail, said,
Our focus is to provide the best retail experience to people in our target markets. We are excited that Carpediem team has decided to partner with us in building the next phase of Nysaa’s growth. With additional resources and bandwidth, we will now accelerate our expansion into markets which are significantly under penetrated.
The PE fund typically makes an investment in the range of $2-$8 million, and this is the fund’s fifth investment from its maiden fund.
Arvind Nair, Chairman, and Hithendra Ramachandran, Managing Director of Carpediem Advisors Pvt. Ltd., will join the board of Nysaa Retail.
“J.P. Shukla and Ravinder Singh have built a solid business, providing top class retail experience at smaller towns, where organised retailing is under penetrated. The customer service model developed is remarkable. As the customers at these towns become savvy, the demand for organised retail will grow rapidly in the coming years. Carpediem is excited to participate and support the management team in building this great consumption story,” said Arvind Nair.
Prabhudas Lilladher Capital Markets Pvt. Ltd. acted as the exclusive financial advisor for the transaction.
According to a media report, this deal marks Carpediem Capital’s fifth investment from its maiden $30-million fund. Its existing portfolio includes food retailer Biryani Blues, mobile repair and refurbishment startup Yaantra, medical devices distributor ColMed, and food processing firm Adinath Agro.