Fashion retail network 1-India Family Mart is planning a public offering within two years as it expands to 350 locations – largely in small towns – within the next five years.
The moves are expected to help the firm achieve ₹2,300 crore (US$334.4 million) in revenues within the period. This year, the firm posted revenues of ₹393 crore ($57.1 million), and currently operates 92 stores in eastern and northern India.
“The category of stores in tier-4 cities has a profile different from tier 3 in terms of sustainable consumption,” said 1-India Family Mart co-founder and COO Ravinder Singh.
“We are now aligning a relevant model for such stores which will make it easier for us to progress towards our ultimate vision of addressing the fashion needs of 75 per cent of the country’s population.”
The firm is currently investing in attracting top leadership and revamping its processes and technology solutions. This has been supported by 1-India’s first external funding round last year, bringing in $7 million, and a recent second round that brought in ₹20 crore ($2.9 million).
