Khaitan & Co, Touchstone Partners, JSA act on Citykart's ₹538 crore Series B fundraise

Citykart Ventures Private Limited has raised ₹538 crore from a Series B fundraise led by TPG NewQuest and A91 Partners. The investment round comprised both primary and secondary transactions.

As part of the secondary transaction, InvestCorp Private Equity Fund II has made a full exit, while India SME Investments continues to hold a minority stake. As per media reports, Investcorp invested ₹75 crore in 2019 in Citykart’s seed round and will now exit with about ₹280–300 crore.

Khaitan & Co advised Citykart Ventures and its promoters on this fundraise. The role of Firm included preparation, negotiation and finalisation of the share subscription and purchase agreement, share purchase agreement and the shareholders’ agreement, and closing of the transaction.

The transaction team consisted of Bharat Anand (Partner), Pashupati Nath (Partner), Abhiroop De (Principal Associate), Siddhartha Das (Senior Associate) and Swetank Neelabh (Associate) with assistance from the following:

Tax aspects: Shaily Gupta (Partner) and Bharat Jain (Principal Associate);

Competition Laws: Pranjal Prateek (Partner) and Alisha Mehra (Principal Associate).

The Firm also advised exiting investor InvestCorp on the sale of their entire holding of approximately 23% stake in Citykart.

The transaction team consisted of Tanushree Bhuwalka (Partner), Vedika Agarwal (Principal Associate) and Shreeya Agrawal (Associate), with strategic inputs from Vineet Shingal (Partner).

Touchstone Partners advised lead investor TPG NewQuest on this transaction.

The transaction team consisted of Pranay Bagdi (Partner), Kunal Gopal (Senior Associate), Divya Shrivastava (Associate), Eeshan Krishnatria (Associate), and Shreya Srivastava (Associate).

JSA Advocates & Solicitors advised lead investor A91 Partners on this transaction. The Firm provided A91 Partners with comprehensive support, including a thorough due diligence into Citykart's multi-state operations, as well as drafting, negotiating, and closing the transaction.

The transaction team was led by Probir Roy Chowdhury (Partner), along with Yajas Setlur (Partner), Bhargavi Kuchewar (Senior Associate) and Moushami Nayak (Associate).

Citykart is a value fashion retailer offering affordable apparel and lifestyle products, primarily catering to consumers in Tier 2, 3, and 4 cities across India.

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