Ratnadeep Retail taps DAM Cap for pre-IPO fundraise

As a premium retailer, the company caters mainly to the upper middle class with the Ratnadeep brand

- Priyamvada C

Ratnadeep Retail Pvt Ltd has engaged DAM Capital to facilitate a more than $100-million fundraise as the Hyderabad-based grocery chain looks to expand operations and eventually list, at least four people familiar with the matter said.

"Ratnadeep plans to raise about ₹500-600 crore ($60-75 million) in fresh capital and the promoters will also look to monetize some of their stake in the round," said one of the people cited above. "The company also has ambitions to tap the public markets over the next 12-24 months and this is more like a pre-IPO round that they are discussing," a second person said, adding that a deal has been in the works for over a year now.