Siguler Guff, investors seek exit from Baazar Kolkata parent

Procurement and warehousing are centralized in Kolkata. About 60% of procurement comes from regional suppliers, with the balance sourced from the rest of India, credit rating firm Crisil said in a report this year.

The financial picture

Crisil estimated Baazar Retail's operating income at about ₹1,157 crore in the first eight months of FY26. Revenue reached ₹1,324.83 crore in FY25, up from ₹1,182.38 crore a year earlier. The loss widened to ₹127.48 crore from ₹57.52 crore in FY24.

Organized retailing is expected to grow over the medium term after a low base during 2018-2023, driven by new store rollouts, deeper penetration in tier-II and tier-III cities and rising disposable income, Crisil noted.

Baazar Retail competes with V-Mart Retail, V2 Retail, Citykart, M Baazar and Baazar Style Retail, alongside broader value discounters like DMart.

Value-first retailers have bridged the gap between affordability and quality, setting the stage for sustained growth, Redseer said in a report. Through modern trade formats like supermarkets, hypermarkets and exclusive brand outlets, value retail has stayed resilient by offering curated shopping experiences and competitive pricing, the consultancy added.

A sale at the ₹5,000 crore top end of the range would rank among the larger exits in India's value-retail segment, where listed peers trade at rich multiples on expectations of store-count expansion. The process is at an early stage, with several private equity funds and strategic buyers already approached, the people said.