Investcorp Capital Exits its Investment in Citykart

Investcorp Capital, an investor in private markets and alternative investment opportunities, has 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 Investcorp group’s India Consumer Growth Portfolio (ICGP) and the sixth liquidity event for the Investcorp group’s India franchise in the past 32 months, the company said in a filing with Abu Dhabi Securities Exchange (ADX) on Wednesday.

The operating scale-up has seen Citykart’s store network expand dramatically from 37 to 137 stores. This leads to an estimated revenue of 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.

Many Exits

Investcorp Capital has successfully exited several investments this year, including RESA Power in Private Equity and US National I Portfolio in Real Estate.

Investcorp’s interim CEO Mohamed Aamer, said that their exit from Citykart and other recent exits across the portfolio demonstrated their ability to generate risk-adjusted returns globally.

“We continue to look for opportunities to unlock value in global markets, investing in innovation and achieving profitable returns for investors,” Aamer added.

Investcorp Capital is an investor in private markets and alternative investment opportunities. It offers investors exposure to a global portfolio of investments across various asset classes, including those that have been and will continue to be carefully selected by Investcorp Group.

The company covers strategies across corporate investments, global credit, real assets and strategic capital, to generate value and recurring income by receiving dividends, collecting rents, financing fees and interest.

Investcorp Capital was founded by Investcorp Group, a leading independent manager of alternative investments, with over $55 billion in assets under management (including assets managed by third parties). The Group has over four decades of experience and expertise in delivering attractive and consistent returns across multiple strategies, sectors and geographies.

Gurugram-based Citykart has opened 12 new stores across India, bringing its total to 137 stores in 91 cities across 11 states. The brand focuses on reaching underserved, budget-conscious markets. With popular in-house labels like Athiya, Nimes, Fumee, and Remise, Citykart now serves over 15 million customers each year and plans to grow to 300 stores.