Citykart to expand retail network in small cities

Value fashion and miscellaneous fast moving consumer brand Citykart is expanding its brick-and-mortar stores across rural India. The brand raised Rs 100 crore (15 million dollars) which will go toward opening 100 new stores in the next two years. Citykart raised its first round of external equity funding from IDFC Alternatives and India SME Investments.

For its retail expansion, Citykart will focus on Tier II, III, IV, towns in sates like Jharkhand, Orissa, Chhattisgarh, Uttar Pradesh, Bihar, and the Northeast. The brand aims to tap into the growing organisation of rural India’s fashion market with its value-fashion offerings and “family fashion” concept. The brand will also use its new funds to strengthen its back-end operations. Citykart currently has around 40 stores in India and its average store size is 8,000 to 10,000 square feet. The brand retails fashion, accessories, and footwear for women, men, and children.