Citykart Raises ₹538 Cr to Expand in Tier II & III Cities
India’s value fashion retail landscape is witnessing a significant shift, with Citykart, a leading retailer, raising a massive ₹538 crore in Series B funding to expand its operations across Tier II and III cities. The funding round was led by TPG NewQuest and A91 Partners, with early investor Investcorp exiting the company with a whopping 4x returns.
Citykart, which has been rapidly expanding its presence in India’s retail landscape, currently operates 137 stores across the country. The company’s revenue has been growing steadily, with a target of reaching ₹1,300 crore by the end of the current fiscal year. The new funding will be used to scale up the company’s operations, enhance its backend infrastructure, and maintain its profitability.
The value fashion retail segment has been experiencing significant growth in recent years, driven by increasing demand for affordable and trendy clothing. Citykart’s focus on providing high-quality products at competitive prices has resonated well with customers across various demographics.
“The funding will enable us to further strengthen our presence in the Tier II and III cities, which offer significant growth potential. We are committed to providing our customers with an unparalleled shopping experience, and this investment will help us achieve that goal,” said [Name], CEO of Citykart.
Citykart’s expansion plans involve increasing its store count, improving its supply chain management, and enhancing its e-commerce platform. The company’s focus on digitization will enable it to better connect with its customers, provide a seamless shopping experience, and increase its online sales.
The value fashion retail segment has been attracting significant attention from investors in recent years, with many companies raising funds to expand their operations. Citykart’s latest funding round is a testament to the sector’s potential, with investors recognizing the company’s potential to scale up rapidly.
TPG NewQuest and A91 Partners, the lead investors in Citykart’s Series B funding round, bring significant expertise and resources to the table. TPG NewQuest is a leading investment firm that focuses on growth-stage investments in India, while A91 Partners is a venture capital firm that invests in consumer-facing companies.
Investcorp, an early investor in Citykart, exited the company with a 4x return, a significant milestone for the value fashion retailer. The exit signals strong sector potential and underscores the confidence that investors have in Citykart’s growth prospects.
Citykart’s success is a testament to the company’s focus on providing high-quality products at competitive prices. The company’s commitment to sustainability, social responsibility, and customer satisfaction has earned it a loyal customer base.
The value fashion retail segment presents significant opportunities for growth in India, with the country’s fashion industry expected to reach ₹3.3 lakh crore by 2025. Citykart’s expansion plans are well-timed, given the growing demand for affordable and trendy clothing.
In conclusion, Citykart’s ₹538 crore Series B funding round is a significant milestone for the value fashion retailer. The funding will enable the company to expand its operations across Tier II and III cities, improve its backend infrastructure, and maintain its profitability. With a strong track record of growth and a loyal customer base, Citykart is poised for further expansion and success in the Indian fashion retail landscape.
Source: https://ascendants.in/funding-feed/citykart-seriesb-funding-tpg-a91-exit/
