1-India Family Mart Raises $12M Series D to Expand 65 to 100 Stores by 2029

1-India Family Mart, a value retail chain targeting tier II to IV cities in India, has raised $12 million in its Series D funding round from a mix of existing and new investors including Gulf Islamic Investments, Foundation Private Equity, Carpediem Capital Partners, Capri Global Holdings, high-net-worth individuals, and promoter JP Shukla. The fresh capital will support the company’s plan to expand its retail footprint from 65 stores across 10 states to 100 stores by 2029, with a revenue target of INR 600 crore. Founded in 2012, the company focuses on underserved markets offering affordable fashion, lifestyle products, and general merchandise through mid-sized stores, supported by a centralized warehouse and a zero-reverse logistics policy to minimize waste. The brand’s strong presence in North and East India, especially in states like Uttar Pradesh, Bihar, and Jharkhand, and its curated in-store experience contribute to its leadership ambitions in India's value retail sector. Previous funding rounds include $6 million from Gulf Islamic Investments in Series B and minority stake acquisitions by Suumaya Industries. Industry experts highlight the company’s robust operational model and growth trajectory as foundational to establishing a leading position in the mid-market retail segment.