Alternative investment firm Investcorp has sold all of its stake in Indian fashion retailer Citykart to TPG NewQuest and A91 Partners for an undisclosed sum.
Founded in 2015, Citykart provides fashion for men, women, and children, as well as home furnishings and general merchandise at affordable prices.
The sale came after the investment group had expanded Citykart from 37 to 137 stores. The chain now boasts an estimated revenue of INR8.8 billion (US$102 million) for FY25 and sustained margins of approximately 8.3 per cent.
Investcorp was also instrumental in fostering a strategic partnership with founder Sudhanshu Agarwal, focusing on building a professional second line, integrating the W-Mart acquisition, revitalising under-performing stores, and optimising sourcing and inventory processes.
“Citykart was the very first deal we executed after formally entering India in 2019, and it epitomises our strategy of backing category-defining, founder-led businesses in high-growth segments,” said Gaurav Sharma, partner and head of India investments at Investcorp
“Today’s outcome underscores our ability to generate attractive risk-adjusted returns while supporting India’s consumption story.”
The deal marks the fifth full exit from Investcorp’s India consumer growth portfolio. Its active Indian holdings include Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, Intergrow Brands, Unilog, and V-Ensure among others.
