Omni-channel retail brand, The New Shop, on Friday said that it has raised $500,000 as part equity and part venture debt, in seed funding round backed by Huddle Accelerator. Anthill Ventures, AngelList India, Lets Venture and angels like Sameer Walia, Rohit Chanana of Sarcha Advisors, Tejinderpal Miglani, Rathin Lahiri, and Rohit Raj along with existing investors participated in this round.
This is a second round of fundraise after an angel round of $220,000 from the Original Shark Kevin Harrington and Haresh Mehta in March 2019.
The New Shop was founded in March 2019, by serial entrepreneurs Charak Almast, Aastha Almast, and Mani Dev Gyawali.
Commenting on the growth milestone, Founding Partners, Huddle Accelerator, Sanil Sachar and Ishaan Khosla said,
“The New Shop is creating a dynamic offering of Retail 2.0, with creating intent for purchase and accessibility. Their model has devised a way to create a win-win outlook for brands, customers and real estate operators altogether. Having worked with the team closely through our acceleration efforts at Huddle, we strongly believe their on-ground experience and demonstrated executed capability will take them a long way”.
The New Shop is a chain of 24x7 retail stores with omni-channel presence to serve all convenience needs products - snacks and beverages, personal care, pet care, hygiene needs, ready to eat food, and grocery staples. It is supported by various ministries of Government of India to support the mission of Atmanirbhar Bharat.
The current capital will take The New Shop to an ARR for $2 million in 12 months, which will make a 7X increase YOY.
“The modern retail penetration stands at a 9 percent in India v/s USA where it stands at an 85 percent. Yet, we are pegged to be the third largest consumer market in the world. We are a country of the youth, the organized retail needs to catch up."
"As a consumer whether we are at a highway, railway station, office or a neighborhood, we want to offer the same standardized experience round the clock, no matter which part of the country we are in. We are fortunate that even the Government of India believed in our vision and wholeheartedly supported us,” added AasthaAlmast, Co-founder and Head of Business, The New Shop.
Further adding, Mani DevGyawali, Cofounder and Head of Tech and Revenue, The New Shop said,
“Traditionally, retail in India has been a high-cost yet low-margin business. This phenomenon has impacted its scalability in the country for years. The New Shop is using deep-tech to increase the bottom-line through block-chained operations, automated processes and predictive Inventory Management (IM) which has helped us achieve higher sales/sq ft than Walmart US."
"Our tech, coupled with our asset light model makes us highly scalable. As the world speeds towards Q-commerce from mere retail and ecommerce, we at TNS aim to be the pioneers of this New Retail concept in India tailored for India,” added Mani
Edited by Kanishk Singh
Link : https://yourstory.com/2020/12/funding-alert-retail-startup-new-shop-raises-seed-funding
Author :- Trisha Medhi ( )
December 04, 2020 at 01:30PM
YourStory