Nysaa Retail, which operates '1-India Family Mart' retail chain, plans to invest Rs 100 crore to add 80 stores and aiming a turnover of Rs 1,100 crore by 2020-21, a top company official said.

The company, which operates 80 stores in tier-II and -III cities in eastern and northern India, is expected to close the current fiscal with a turnover of Rs 420 crore.

"We plan to invest about Rs 100 crore to add 80 new stores by financial year 2020-21. In the next phase of expansion we will focus on North East. We are also looking at clocking turnover of Rs 1,100 crore in two years time," J P Shukla, the founder and Chief Executive Officer of 1-India Family Mart, told PTI.

Shukla said the company will fund expansion through a combination of internal accruals and debt.

The company, led by J P Shukla and Ravinder Singh, began operations in 2013, raised Rs 42.5 crore from private equity firm Carpediem Advisors in December 2017 and March 2018.

Shukla said the 1-India Family Mart is looking at adopting omni-channel retail (combination of offline and online) distribution and plans to pilot a project for this.

First Published:Dec 23, 2018 5:41 PM IST