AHMEDABAD: Carpediem Capital-backed Nysaa Retail has bolstered its top deck as the value retail chain starts preparing for an initial public offering.
The company named Deepak Sharma its group chief financial officer. Sharma previously was CFO at ShopClues and V-Mart.
Nysaa also appointed Nitin Motwani, a former executive at Boston Consulting Group and Egon Zehnder, as the group chief HR officer and Gaurav Sharma, who previously worked at Metro Cash & Carry India, ABRL and the Future Group, as head of marketing.
Nysaa, which operates stores under the 1-India Family Mart brand, is exploring its IPO by the end of the next fiscal year.
Carpediem Capital was keen on getting Sharma and the others on board as part of the pre-IPO preparations, people in the know said. The private-equity firm didn’t respond to an email seeking comment.
Sharma had handled V-Mart’s IPO as the retail chain’s CFO.
“Yes, we have bolstered our management team,” said Ravinder Singh, cofounder of 1-India Family Mart. The company will look at an IPO once its annual turnover reached Rs 1,000 crore, he said.
Founded in 2012, the company has 80 stores in operation at 72 cities. It expects to close this fiscal year with 90 stores. Nysaa had projected gross sales of Rs 420 crore for the fiscal year and achieved Rs 358 crore till January.