Gurugram-based value fashion retailer Citykart has secured ₹538 crore ($63 million) in its Series B funding round, marking one of the largest investments in India’s budget fashion retail space to date.
The round was co-led by TPG NewQuest—a secondary private equity platform within TPG—and A91 Partners, a domestic growth-stage investment firm. This significant capital infusion is expected to turbocharge the brand’s retail expansion and product innovation.
Deal Structure & Investor Update
- Total Funding Raised: ₹538 crore ($63 million)
- Primary Capital: ₹120 crore (for expansion)
- Secondary Transactions: ₹418 crore
- Full Exit: Investcorp, which invested ₹75 crore in 2019, exits with a return of ₹280–300 crore
- Existing Stakeholder: India SME Fund retains a minority stake
Expansion & Strategic Vision
According to a company press release, the primary funds will be used to expand store footprint and diversify product assortment across underserved markets.
- New Stores Added: 12
- Total Stores: 137
- Cities Covered: 91 cities across 11 states
- Annual Customers Served: Over 15 million
- Target Store Count: 300 stores
- Growth Rate: 40% year-on-year
Founder & CEO Sudhanshu Agarwal has a clear ambition:
“We want Citykart to become the Primark of Tier II and Tier III India.”
Primark is a globally renowned fast-fashion retailer known for its value pricing and expansive range, and Citykart aims to replicate this model in Indian heartlands.
In-House Brands and Product Mix
Citykart boasts a growing portfolio of private labels, including:
- Athiya
- Nimes
- Fumee
- Remise
In terms of product category contribution:
- Men’s Wear: 32%
- Women’s Wear: 24%
- Kids’ Wear: 22%
- Accessories & General Merchandise: 22%
This diversified portfolio positions Citykart as a one-stop destination for value-conscious families in emerging Indian cities.
Financial Aspirations
Citykart is now on track to hit ₹1,300 crore in annual revenue, reflecting strong demand in budget retail and increasing penetration in semi-urban markets.
