Value retail chain CityKart announced its retail expansion plans and said that it will open 25-30 stores by the end of FY24. The shopping platform will invest a sum of up to Rs 100 crore across India to facilitate its growth plans. Citykart said that it will contribute to the employment of 700-1000 people. Its current employee strength for each store stands at more than 30-35 individuals with a diversification ratio of gender equality approximately 15-20 per cent.
Citykart has, till date, raised Rs 105 crore for the expansion plan of attaining 300 stores by 2026. Currently, it is operating 95 stores in 73 cities across 8 states.
Ritesh Rathi, COO, Citykart, said, “We are thrilled to have experienced such tremendous growth and success in the tier-II and tier-III market. The overwhelming response and acceptance that we have received from our customers has encouraged the entire Citykart team to expand our store presence and product offerings. We remain committed to providing an unmatched shopping experience, and we look forward to continuing to create an atmosphere that brings joy and celebration to our customers in India.”
Citykart is currently active in eight states and recently launched their 94th store in the country and the first store in West Bengal by opening a store at Kanchrapara (approx.30 km from Kolkata) West Bengal. Furthermore, the company is planning to launch 9 more stores including the 100th store in Bihar and it will be the largest store in Bettiah spanning an impressive 17,000 sq. feet.