1-India Family Mart raises $12 million in funding for the expansion of its retail footprint

Value retail chain 1-India Family Mart has raised $12 million (about Rs 100 crore) in a Series D funding round led by a mix of existing and new investors. The round was led by Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, a group of high-net-worth individuals, and company co-founder JP Shukla.

The capital infusion will be used to scale the company's footprint in tier II, III, and IV cities across India, aiming to grow from 65 stores across 10 states today to 100 stores by 2029. It is targeting revenue of Rs 600 crore over the same period, leveraging its presence in North and East India, particularly in underserved states like Uttar Pradesh, Bihar, and Jharkhand.

JP Shukla, co-founder and CEO of 1-India Family Mart, said the funding round marks a strong vote of confidence from investors.

"The continued support from both new and existing investors is a clear endorsement of our vision and execution. 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."

What does 1-India Family Mart do?

Founded in 2012 by Shukla and Ravinder Singh, the brand—run by Nysaa Retail Pvt Ltd—focuses on bringing affordable fashion, lifestyle, and general merchandise to aspirational consumers in small-town India. It operates through mid-sized stores in semi-urban and rural pockets, aiming to combine the reach of local markets with the structure and efficiency of organised retail.

1-India Family Mart has been backed before by Gulf Islamic Investments, which led a $6 million Series B round, while Suumaya Industries had earlier picked up a minority stake in the parent firm. With a retail footprint nearing five million square feet, the brand benefits from a centralised warehouse in Gurugram and a zero-reverse logistics policy, which ensures that all shipped inventory is sold, minimising waste and boosting operational efficiency.