North News
Chandigarh, August 9
The New Shop, a New Delhi-based grocery convenience startup, is in advanced discussions to acquire the retail chain 24Seven from Godfrey Phillips India. According to CNBCTV, If the deal goes through, all 24Seven stores across the country will be rebranded under The New Shop name. Founded in 2019 by siblings Aastha and Charak Almast along with Mani Dev Gyawali, The New Shop currently operates 160 stores in 35 cities, offering a wide range of products, including groceries, snacks, and personal care items, with a 24-hour service model.
24Seven began its journey in India in 2005 with its first store in Delhi, becoming known for its round-the-clock convenience. Despite expanding to multiple cities, including Delhi-NCR, Chandigarh, and Hyderabad, the chain struggled financially, leading Godfrey Phillips to seek judicial clearance to shut down its loss-making retail business. The potential acquisition by The New Shop could mark a significant expansion for the startup in the retail sector.
