The deal presents Suumaya entry to 1-India Household Mart’s greater than 100 shops, principally in tier-3 and tier-4 cities.
Suumaya has bought a 1% stake in 1-India Household Mart, valuing the retailer at about Rs 500 crore, one of many supply mentioned.
Suumaya is BSE-listed firm and provides women’ attire, primarily to the overall commerce, aside from working its personal Suumaya-branded shops.
Each Suumaya and Nysaa Retail didn’t reply to ET’s queries looking for remark.
The Covid-19 pandemic has roiled the retail business with frequent lockdowns and as customers have most well-liked to remain indoors and order garments on-line.
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Nonetheless, retailers like 1-India Household Mart had been comparatively much less impacted as most of its shops are situated in small cities, which have been lax in observing social distancing norms. 1-India Household Mart is backed by non-public fairness agency Carpediem Capital and the worth retailer sells attire, kitchenware, footwear, dwelling merchandise and different objects of their shops.
The Suumaya deal will even assist 1-India Household Mart in its non-public manufacturers portfolio, one of many sources mentioned.
In August, Suumaya invested about $8 million to amass a controlling 51% stake in agri-tech firm, payAgri Improvements Pvt Ltd.