Step 1: Understanding the Concept.
Kishore Biyani is the founder of the Future Group, and his retail career grew step by step, starting with a single format before expanding into a wider retail empire.
Step 2: Check the options.
Big Bazaar, launched in 2001, was a hypermarket chain that came after his earlier apparel retail venture, so option B is wrong. Central is a mall-format chain launched later still, so option C is wrong. Future Capital Holdings was a financial services arm set up much later, so option D is wrong.
Step 3: Final Answer.
Biyani's first retail venture was the Pantaloons apparel format, which later grew into the wider Pantaloon Retail business, so option A is correct.