Citykart Pvt Ltd aims to have 300 stores across India by 2026 from the current store count of 93 outlets spread across 71 cities and 7 states. “To achieve this ambitious target, the company has devised a comprehensive growth strategy, which involves fortifying market share in existing cities by adding more stores, as well as aggressively expanding its presence in new cities and states,” Citykart said in a statement. Furthermore, the company is also exploring opportunities for expansion through acquisitions. Citykart is also likely to consider raising funds through debt/equity in the second half of the fiscal year to fuel its growth further, it said.
The value retailer released its Q1 revenue report, wherein it posted double-digit sales growth in Q1. Citykart offers fashion products at affordable prices. It said that the expansion of the product offering to include non-apparel categories like footwear, luggage, cosmetics, and household goods has contributed to the steady increase in sales and new customer additions each month.
“We are delighted to inform you that in Q1 of FY 2023-24, we have witnessed good sales growth versus previous year in the various states where we operate. We witnessed a good traction towards our offering from existing and new customers during the first 3 months of the year,” said Sudhanshu Agarwal, Founder, and CEO, Citykart.
“We firmly believe that the primary reason for our growth momentum is our unwavering focus on customer satisfaction. Our customer-centric strategy, combined with an emphasis on providing value and exclusivity in fashion, has enabled us to maintain a competitive edge in the market. We are committed to maintaining our financial health and profitability and plan to keep up the momentum we have achieved while catering to customers’ preferences and requirements,” he added.
Citylart has also strengthened its private brand offerings in men, women and kids apparel segments, which has also contributed to the company’s sales growth.