Retain chain 1-India Family Mart, operated by Nysaa Retail Pvt. Ltd, has appointed Venugopal Konchada as its chief operating officer.
Nysaa Retail, which is backed by private equity firm Carpediem Capital, hired Konchada as part of its expansion plan, the company said in a statement.
An alumnus of the Indian Institute of Planning and Management (IIPM), Konchada has over three decades of experience. He was previously worked with retail chains Vishal Mega Mart and V-Mart.
Konchada will oversee the entire operational procedures in terms of retail, in-store opening, visual merchandising, business development and marketing. He said the company plans to hire more skilled professionals.
Nysaa Retail, which launched its operations in 2013, established its first store in Uttar Pradesh and thereafter expanded its operations to Bihar, Jharkhand, Chhattisgarh and the Northeast.
1-India Family Mart offers fashion apparel, lifestyle products and general merchandise through its outlets. It has 92 stores across eastern and northern regions of India.
In May, it had raised Rs 20 crore ($2.8 million) in debt funding in a transaction led by Mumbai-based APAC Financial Services Pvt. Ltd, which was launched by Deutsche Bank’s former Asia-Pacific chief Gunit Chadha. This was likely to be part of a larger fundraise. It will enable the retail firm to add 40 stores in the current financial year and 50 stores in the next fiscal year.
In 2018, the company had raised its first institutional round of funding from Carpediem.
1-India Family Mart competes with players such Baazar Style Retail Pvt. Ltd, Citykart Retail Pvt. Ltd and Baazar Retail. All these players have raised capital from institutional investors.
In January, IDFC Alternatives, the private equity arm of non-banking financial company IDFC Ltd, backed Citykart in its first investment in the retail sector.
In March, West Bengal-based Baazar Style, which operates under the brand Style Baazar, raised fresh funding from ace stock-market investor Rakesh Jhunjhunwala.
In November 2018, VCCircle had reported that Baazar Retail, which runs the brand Baazar Kolkata, was looking to raise around Rs 400-500 crore in its maiden funding round from private equity players.
