After the acquisition, 24Seven’s over 150 stores will be rebranded as The New Shop – almost doubling the New Shop’s current store count
New Delhi: City-based convenience store chain 24Sevenin is being acquired by the startup The New Shop at a valuation of Rs 700 crore to Rs 1,000 crore, as per an industry professional’s social media post on Friday.
“24SEVENIN’s 20-Year Legacy is being sold to the 5-year-old ‘New Shop’ at a valuation of Rs 700 – Rs 1000 Cr! Founded in 2019 by Aastha Almast and Charak Almast, New Shop has built a solid foundation with 160 stores across 35 cities in India,” wrote Dr Deepak Motwani, Principal – Investor Relations, Wadhwani Foundation, a Bengaluru based Non-profit organisation on LinkedIn.
“After acquiring 24Seven, it’ll rebrand its 150+ stores as New Shop – Almost doubling its current store count! This acquisition is special. Primarily because India witnessed 15,000+ M&A deals in the last 8 years – From Reliance Retail acquiring Hamleys to Unilever acquiring OZiva,” added Motwani.
IndiaRetailing had earlier reported that Cigarette maker Godfrey Phillips India Ltd. is going ahead with its plans to exit its retail business operated under the ‘24Seven’ brand following the setting aside of an interim injunction on the move by a district court in the Capital.
Founded in 2005 by Samir Modi, 24Seven India is currently at over 150 locations across Delhi NCR, Punjab, Tri-city, and Hyderabad.
Founded in March 2019 by Astha Almast, The New Shop is a franchise convenience retailer with stores situated in high-density neighbourhoods, airports, gas stations, railway stations and educational institutions, according to the brand’s LinkedIn profile. With an Omnichannel presence, The New Shop offers products like snacks and beverages, personal care, home care, pet care, confectionery, Tobacco, hygiene needs, ready-to-eat food, Over-the-counter drugs, and grocery staples, according to the brand’s website.
