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EY India acted as the exclusive financial advisor to Citykart Ventures Private Limited and its shareholders
EY successfully advised Citykart Ventures Private Limited and its shareholders on the sale of a minority stake to TPG NewQuest, a leading secondary private equity platform in Asia within TPG, and A91 Partners, a homegrown investment firm focused on growth investments. This transaction marks EY India’s debut transaction in the value retail sector and one of the largest private equity investments in the value fashion retail segment.
Citykart Ventures Pvt. Ltd.- One of India’s fastest-growing value fashion retailers, now operates with 137 stores across 91 cities in 11 states. With a growth rate exceeding 40%, the company is targeting revenues of over US$150 million solidifying its position in underserved and budget-conscious markets.
TPG NewQuest – An Asian private equity secondaries arm of global investment firm TPG, focused on providing liquidity solutions and growth capital to high-quality businesses across Asia.
A91 Partners - A homegrown investment firm based in India, specializing in growth-stage investments across consumer, healthcare, financial services, and technology-led businesses.
EY served as the exclusive financial advisor to Citykart and its shareholders for this transaction. The Indian retail industry is experiencing significant growth, particularly in Tier II and III cities, with Citykart offering affordable fashion accessible to Bharat. As EY, we worked closely with management and existing investors and highlighted Citykart’ s robust strategy for driving growth, strong unit economics and operational efficiency which has attracted strong interest from the private equity investors. This transaction provides a rewarding exit for existing investors and positions the company strongly for next level of growth.
EY served as the exclusive financial advisor to Citykart and its shareholders for this transaction. The Indian retail industry is experiencing significant growth, particularly in Tier II and III cities, with Citykart offering affordable fashion accessible to Bharat. As EY, we worked closely with management and existing investors and highlighted Citykart’ s robust strategy for driving growth, strong unit economics and operational efficiency which has attracted strong interest from the private equity investors. This transaction provides a rewarding exit for existing investors and positions the company strongly for next level of growth.