New Shop looks to raise $25 million to accelerate store expansion

New Delhi-headquartered convenience store chain New Shop, which recently acquired its rival Godfrey Phillips India (GPI)-controlled 24Seven, is raising $25 million in fresh funding after bringing on board South Korean investor Redwood Equity Partners in a previously undisclosed deal, people aware of the matter said.

 

New Shop recently agreed to acquire 24Seven stores as part of an asset transfer deal. Through franchising, five-year-old New Shop operates about 300 always-on stores in cities and towns outside the top metros. The network serves 5 million walk-in users monthly across 35 cities in 18 states. New Shop hopes to close the ongoing financial