Gulf Islamic Investments bets on PE-backed 1-India Family Mart

NEW DELHI :

Value retail chain startup 1-India Family Mart raised 50 crore as a part of its Series B round of funding from Dubai-based financial services firm Gulf Islamic Investments LLC (GII).

The Gurugram-based company, which is also backed by Carpediem Capital, will use the fresh funds to double its store count, organically and via acquisitions.

“We are excited to raise a fresh funding round from GII which will significantly boost our expansion plans, strengthen our retail presence and drive growth trajectory of the group,” said Jay Prakash Shukla, CEO at 1-India Family Mart.

1-India Family Mart, operated by Nysaa Retail Pvt. Ltd, offers fashion apparels, lifestyle products and general merchandise through more than 100 stores across Bihar, Jharkhand, Chhattisgarh and the northeast.

“We love the group’s focus on value retail and their ability to reach and cater to the Indian…

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