PE Fund Investments
Budget apparel retailer Citykart attracts Rs.538-Cr co-led by TPG, A91 Partners; Investcorp exits
Citykart , a Gurugram-headquartered value fashion retailer, has attracted INR 538 crore in a Series B funding round co-led by TPG NewQuest, the Asia-focused secondary private equity arm of TPG, and home-grown growth capital firm A91 Partners. EY India acted as the exclusive financial advisor to the transaction.The secondary component of the deal, accounting for as much as INR 418 crore, will provide a complete exit to existing investor Investcor and a partial exit to India SME Investments.The company will use the about INR 120 crore raised as primary capital to accelerate expansion in both footprint and product assortment.
In Jan 2019, IDFC Alternatives and India SME Investments had invested about USD 14 M in Citykart.
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