India-based value apparel retailer Citykart Retail has raised INR1 billion (approximately US$14 million) from India-focused alternative investment firms IDFC Alternatives and India SME Investments, which have acquired a significant minority stake in the company. Citykart plans to use the funds to open new stores in northern and eastern India and to strengthen its back-end operations. IDFC invested through IDFC Private Equity Fund IV