Investcorp sells stake in India's Citykart
Investcorp, a leading global alternative investment firm, today announced the sale of its entire stake in Citykart, one of India's fastest-growing value retailers focused on Tier-2 and Tier-3 towns, to TPG NewQuest and A91 Partners.
It represents the fifth full exit from the firm's India Consumer Growth Portfolio (ICGP) and the sixth liquidity event for the India franchise in the past 32 months.
The operating scale-up has seen the store network expand dramatically from 37 to 137 stores. This leads to an estimated revenue of INR8.8 billion (about $102 million) for FY 2025. This growth is mirrored by a matching growth in EBITDA, with sustained industry leading margins. It has consistently delivered profitability while building core functions, strengthening governance, and attracting strong talent across leadership and mid-management levels.
Furthermore, Investcorp has been instrumental in fostering a strategic partnership with founder Sudhanshu Agarwal, focusing on building a professional second line, integrating the W-Mart acquisition, revitalising under-performing stores, and optimising sourcing and inventory processes.
Gaurav Sharma, Partner & Head of India Investments at Investcorp, said: 'Citykart was the very first deal we executed after formally entering India in 2019, and it epitomises our strategy of backing category-defining, founder-led businesses in high-growth segments. Today's outcome underscores our ability to generate attractive risk-adjusted returns while supporting India's consumption story.'
Yusef al Yusef, Global Head of Distribution at Investcorp, commented: "Partnering with the Citykart team to triple the store base, steer the business through the pandemic and still outperform our underwriting is immensely satisfying. We thank all stakeholders and are confident that TPG NewQuest and A91 will help Citykart accelerate its next growth phase.'
Other recent realisations besides Citykart include the sale of its stake in luggage maker Safari Industries, a profitable exit from eyecare specialist ASG Eye Hospital, a planned IPO-led exit from health-benefits administrator Medi Assist Healthcare, and a partial exit from dialysis network NephroPlus.
Investcorp's India private equity strategy targets asset-light opportunities across consumer and retail, healthcare, financial services, B2B and technology. Its active Indian holdings include Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, Intergrow Brands, Unilog, V-Ensure, and the buy-out of NSE IT, rechristened NuSummit among others, demonstrating Investcorp's commitment to scaling high-growth businesses while realising timely liquidity for investors. - TradeArabia News Service
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
3 days ago
- Daily Tribune
Modi says Trump did not mediate Pakistan ceasefire
Indian Prime Minister Narendra Modi told Donald Trump that the ceasefire between New Delhi and Pakistan last month was worked out directly, a top Indian diplomat said yesterday. The US president had said that the two nuclear-armed neighbours had agreed to end a fourday conflict on May 10 after "a long night of talks mediated by the United States". sfdsaf It was their worst standoff since 1999, with more than 70 people killed in missile, drone and artillery fire on both sides. Officials from Islamabad and New Delhi confirmed the ceasefire on May 10, minutes after Trump posted the announcement on his Truth Social network. Indian officials said immediately that the ceasefire was worked out bilaterally, not with Washington. India's top career diplomat, Vikram Misri, said in a video statement on Wednesday that the leaders had spoken by telephone after Trump left early from the G7 summit in Canada, which Modi also attended. sff "Prime Minister Modi clearly conveyed to President Trump that at no point during this entire sequence of events was there any discussion, at any level, on an India-US Trade Deal, or any proposal for a mediation by the US between India and Pakistan," Misri said, speaking in Hindi. "The discussion to cease military action took place directly between India and Pakistan through the existing channels of communication between the two armed forces, and it was initiated at Pakistan's request." The last time Modi and Trump spoke was just after the April 22 attack on tourists in Indian-administrated Kashmir, which New Delhi blamed on Pakistan -- claims Islamabad denied. Misri repeated New Delhi's long held view that "India does not and will never accept mediation". He added that Trump said he would visit India for the next Quad alliance, the grouping that also includes Japan and Australia, expected later this year. "President Trump accepted the invitation and said that he is looking forward to visiting India", Misri added. The talks between the leaders come as India seeks to secure an interim agreement to shield it from the worst of Trump's socalled reciprocal tariffs, which are set to kick in July after a 90-day-pause. New Delhi is not an export powerhouse, but it ran up a $45.7 billion trade surplus with the United States in 2024. Analysts have indicated that tariff risks could impact India's economic outlook, with industry groups in sectors like gems and jewellery warning of potentially significant job losses.
Trade Arabia
13-06-2025
- Trade Arabia
L&T lands key Middle East grid infrastructure contracts
Indian engineering and construction conglomerate Larsen & Toubro (L&T) has announced that its Power Transmission & Distribution (PT&D) business vertical has secured new grid infrastructure orders in the Middle East as well in the Indian market. In the Middle East, the PT&D business has clinched orders for executing a set of 220kV and 132kV gas insulated substations on a turnkey basis, said L&T in a statement. These orders come from leading transmission asset owners and operators in the respective countries, it stated. In India, L&T has won an order to build 765kV and 400kV transmission line jobs pertaining to the integration of a Renewable Energy Zone in the southern state of Andhra Pradesh. These new orders mark a key milestone for PT&D in its pursuit of delivering future-ready grid infrastructure to help realise the energy transition and sustainable energy goals of its valued customers, it added.-TradeArabia News Service
Trade Arabia
11-06-2025
- Trade Arabia
DHL Group to invest more than $571m in Middle East
DHL Group (DHL), the world's leading logistics provider, has announced plans to invest more than EUR500 million ($571 million) in the Middle East, with a strategic focus on the rapidly expanding Gulf markets of Saudi Arabia (KSA) and the United Arab Emirates (UAE). This investment, set to take place between 2024 and 2030, underscores DHL's commitment to the region and its importance for the future of global trade. DHL Group's Strategy 2030, launched in 2024, prioritises growth regions and geographic tailwinds generated by shifts in global trade, the company said. The investment spans all four DHL divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – and will significantly strengthen the region's logistics backbone. By enhancing infrastructure, expanding networks and capacity, and elevating service capabilities, DHL aims to empower businesses operating across and with the Middle East to capitalise on growth opportunities from trade, ensuring support and resilience for customers as they navigate evolving market demands. The company's divisions provide a broad portfolio of logistics and transportation services to customers in the Middle East, including express parcel delivery, air, ocean and overland freight, warehousing, fulfilment and distribution, customs brokerage and specialized operations for sectors such as life sciences, healthcare, e-commerce and battery logistics. 'The region of the Gulf Cooperation Council (GCC) is rapidly emerging as a global logistics and innovation hub,' said John Pearson, CEO of DHL Express. 'Our investment reflects the region's increasing strategic importance in connecting Asia, Europe, and Africa, and our commitment to supporting its transformation into a catalyst for regional and global trade. DHL Express is seeing dynamic growth and export potential in the region's e-commerce sector, for example, which is providing opportunities for entrepreneurs and smaller businesses to expand their offering to global markets.' Supporting FDI, exports and building supply chain resilience The Middle East is emerging as a vital trade hub, facilitating commerce between Asia, Europe, and the US while serving as a gateway to Africa. The region is witnessing growth not only due to attracting investments from multinationals expanding their operations but also because Gulf- and Middle East-based businesses are growing and increasing their exports. DHL's services, the local and global expertise of its team, and the flexibility offered by the company's extensive transportation and warehousing network and digital platforms, automation and technologies help businesses build supply chain resilience at a time of heightened volatility and uncertainty in global trade. Hendrik Venter, CEO of DHL Supply Chain, Europe, Middle East & Africa, added: 'DHL Supply Chain has actively expanded in Saudi Arabia and UAE in recent years, recognizing the positive economic development, the increasing maturity and sophistication of supply chain operations in the region and the growing demand for specialized, outsourced logistics support. With a strong focus on the energy sector, life sciences, healthcare, and technology, we are poised to take advantage of our contract logistics expertise to meet the unique needs of our customers and drive innovation in these critical areas.' Amadou Diallo, CEO of DHL Global Forwarding, Middle East & Africa, remarked: 'This investment underscores our confidence in the Middle East's economic trajectory and our continued commitment to be ahead of the curve in digital capabilities and sustainable transportation for our customers. We also consistently aim to find entrepreneurial freight forwarding solutions that build supply chain resilience, keep their goods flowing and help them to uncover growth opportunities in a world that is characterized by uncertainty and volatility. By expanding our operations, we will be even better positioned to support our clients in navigating the complexities of international trade and logistics.' DHL Group recognises the growing opportunities in the energy sector, encompassing traditional oil and gas as well as renewables and electrification. The company also sees potential in the life sciences and healthcare markets, alongside the burgeoning e-commerce landscape. For example, Saudi Arabia is experiencing a strong inbound market for B2C, especially with high-end goods, driven by ongoing tourism initiatives and events, it said. Targeted investments in quality, capacity and efficiency The investments will focus on the following areas across DHL's business units: - DHL Express: Investments will be made in hub and gateway facilities, as well as enhancing aviation capacity to improve service efficiency and delivery speed. - DHL Global Forwarding: The company will expand its overall presence in the region, invest in its fleet – including electric trucks – and pursue joint venture initiatives such as the recent joint venture with Etihad Rail to enhance connectivity and logistics capabilities. - DHL Supply Chain: There will be an expansion of the contract logistics offering in both the UAE and KSA, which includes increasing warehousing capacity, upgrading equipment, and integrating advanced technology to optimise operations. - DHL eCommerce: The acquisition of the delivery provider AJEX in Saudi Arabia will enhance DHL's e-commerce capabilities, facilitating better last-mile delivery services in a rapidly growing market. DHL is also committed to sustainability, investing in alternative fuel, and electric delivery vehicles, aviation fuels in air freight and biofuels for road and ocean freight, as well as solar energy and clean power for facilities. This commitment ensures that supply chains become more sustainable, and customers achieve their net zero ambitions. This is aligned with the agenda of governments in the region to lead on environmental sustainability. DHL aims to implement best practices in logistics and innovation, strengthening its longstanding position as a leader and investor in the talent and economic potential of the Middle East, the company said. -TradeArabia News Service
