The company has opened 40 stores on an asset light model in large retail malls across various small towns and cities in UP and Bihar during the past two years.

Private equity fund IDFC Alternatives Thursday said it along with India SME Investments has committed Rs 100 crore to apparel retailer Citykart for a significant minority stake. The maiden funding for the 2016-incorporated company will help it add 100 stores in the Northern and Eastern markets and grow revenue by fourfold in the next few years, an official statement said.

The fund infusion will be done by parting a “significant minority stake” in the company. The company has opened 40 stores on an asset light model in large retail malls across various small towns and cities in UP and Bihar during the past two years. Its revenue has grown by an average of 32 percent over the last two years, the statement said without giving the absolute number.

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“Citykart is addressing a large and untapped opportunity of providing fast fashion apparel at affordable prices to its customers in smaller towns and rural areas. We are delighted to partner with Citykart to fulfil its vision,” IDFC Alternatives’ partner Girish Nadkarni said. This is the fourth investment from IDFC Private Equity Fund IV and the first investment from this fund in the retail segment, the statement said, adding the company has done 45 investments till now across funds.