Value retail chain 1-India Family Mart raises $12 Mn in Series D round

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Value retail chain 1-India Family Mart has raised $12 million in a Series D funding round, from a mix of existing and new investors. The round saw participation from Gulf Islamic Investments, Singapore-based Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, a consortium of high-net-worth individuals, and promoter JP Shukla. Earlier, it had raised Rs 50 crore ($6 million) in Series B funding from Dubai-based Gulf Islamic Investments (GII). Mumbai-based ethnic apparel manufacturer Suumaya Industries had also picked up a minority stake in its parent company Nysaa Retail Pvt Ltd. The fresh proceeds will be utilized to support its next phase of growth, including the expansion of its retail footprint across India’s fast-evolving value retail segment, 1-India Family Mart said in a press release. Co-founded in 2012 by Jay Prakash Shukla and Ravinder Singh, 1-India Family Mart caters to underserved markets through mid-sized stores in tier III and IV towns and villages across India. The brand focuses on tier II, III, and IV cities and has allowed it to connect with India’s aspiring consumer base by offering affordable fashion, lifestyle products, and general merchandise through an organized retail format. 1-India Family Mart currently operates 65 stores across 10 states and continues to expand its presence, especially in North and East India. Its operations are supported by a centralized warehouse in Gurugram and a zero-reverse logistics policy that ensures all shipped inventory is sold—minimizing waste and maximizing operational efficiency. 1-India Family Mart says that it is committed to quality, competitive pricing, and a curated in-store experience and aspires to achieve Rs 600 crore in revenue and expand to 100 stores by 2029.