Citykart Raised INR 538cr to Accelerate Expansion in Both Footprint and Product Assortment
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Citykart has raised INR 538 crore in Series B funding round, co-led by TPG NewQuest, a secondary private equity platform for Asia within TPG, and A91 Partners, a homegrown investment firm specialising in growth investments.
Investcorp, an early backer of Citykart, has made a full exit, while India SME Fund continues to hold a minority stake. EY India acted as the exclusive financial advisor to the transaction.
Of the total funding, about INR 120 crore is primary capital, with the remaining INR 418 crore being towards secondary transactions. The primary infusion will enable the company to accelerate expansion in both footprint and product assortment.
"This new round of funding is a significant milestone in our journey. We are delighted to welcome TPG NewQuest and A91 Partners as long-term partners who believe in our vision of making affordable fashion accessible to Bharat. The capital infusion will help us grow deeper and wider, invest in innovation, and build a strong, future-ready organisation focused on scale and operational excellence. We've been fortunate to have had the support of Investcorp and India SME Fund in our earlier stages, their belief in our model helped us build a strong foundation," said Sudhanshu Agarwal, Co-founder Citykart.
The company expanded its store network to 137 stores and now serves over 15 million customers across India. Growing at more than 40 per cent, the company is now targeting revenue of INR 1300 Cr.
"Citykart has demonstrated an exceptional ability to scale profitably in one of the most challenging and underserved segments of Indian retail. Their deep customer understanding, disciplined execution, and strong leadership team make them well-positioned to drive value fashion retail across India. We are excited to partner with them in this next phase of growth," said Bharati Agarwal, TPG NewQuest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
25 minutes ago
- Bloomberg
Trump Aides Envision Presidential Trip to China With CEOs in Tow
By and Catherine Lucey Save President Donald Trump's administration is reaching out to business executives to weigh interest in accompanying him on a possible trip to China this year, according to people familiar with the matter, highlighting the potential for strengthening ties between the economies even as the US signals its desire to decouple from Beijing. The Commerce Department is making calls to gauge interest from chief executives at some US companies, said the people, who were granted anonymity because the discussions are private. It is unclear how many company leaders have been asked to participate or whether any have confirmed.
Yahoo
41 minutes ago
- Yahoo
Ericsson (ERIC) Establishes ASIC Design Unit in Bengaluru for 5G Innovation
Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) is one of the 10 undervalued tech stocks flying under Wall Street's radar. Ericsson revealed on June 26 that it is establishing a new unit dedicated to Application-Specific Integrated Circuit (ASIC) design in Bengaluru, India. The company plans to add more than 150 new positions to its R&D team in Bengaluru to support this initiative. An engineer in a lab coat tweaking a circuit board with intricate semiconductors. In the statement, Ericsson said the expansion aims to enhance its capabilities in semiconductor design by leveraging India's local technology competence. At the same time, the company is convinced that the new unit will contribute to strengthening India's semiconductor ecosystem. The initiative aligns with Ericsson's global strategy to advance its portfolio, particularly through its Ericsson Silicon platform. The Ericsson Silicon consists of a range of System-on-Chip (SoC) solutions specifically designed for mobile networks. These SoCs are integrated across the entire Ericsson Radio System, including radio access networks (RAN), Compute (basebands), Radio, and Transport. The Bengaluru unit will focus on tasks such as chip design, verification, and integration, supporting Ericsson's proprietary Silicon platform. The chips developed are expected to enhance energy efficiency, processing capabilities, and network flexibility for 5G and future network technologies. Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) is a Swedish telecommunications equipment and services company. It provides mobile network infrastructure, cloud software, and enterprise connectivity solutions. Its key offerings include RAN, 5G core systems, private cellular networks, and managed services. While we acknowledge the potential of ERIC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Yahoo
41 minutes ago
- Yahoo
Alibaba Cloud to Launch Second Data Center in South Korea Amid Global AI Expansion
Alibaba Group Holding Limited (NYSE:BABA) ranks among the 30 stocks expected to beat the market by 20 percentage points this year. In order to enhance its regional infrastructure and satisfy the growing demand for AI and cloud services, Alibaba Cloud, the cloud computing division of Alibaba Group Holding Limited (NYSE:BABA), announced plans to open a second data center in South Korea on June 18. Christopher Penler / In addition to the company's current Korean node, which was inaugurated in 2022, the new facility will be situated close to Seoul and will enhance computing capacity and redundancy for enterprise and government clients. This comes at a time when Alibaba Cloud is investing more than $52 billion in AI-driven infrastructure across Asia, Europe, the Americas, and the Middle East as part of its 'unified global cloud network.' Alibaba Group Holding Limited (NYSE:BABA) is an e-commerce and technology company that caters to small business owners and consumers. The company is also a pioneer in cloud computing, logistics, and digital media. While we acknowledge the potential of BABA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Read More: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
