This is a second round of fundraise after an angel round of $220k from the Original Shark Kevin Harrington and Haresh Mehta in March 2019.
Founded in March 2019, by serial entrepreneurs Charak Almast, Aastha Almast and Mani Dev Gyawali, 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. Offering a distribution point for unique and authentic ‘Made in India’ consumer products from Indian MSME’s and start-ups from around the country, 80% of their product mix is ‘Made in India’ and only 20% MNC/foreign brands, unlike other retailers where the mix is opposite.
The New Shop aims to make modern retail more accessible to the masses by taking retail to where people live, work, travel, study etc.
Their focused segment being transit retail ,residential areas . Having understood the nuances of traditional and modern retail around high CAPEX and OPEX, The New Shop is building an asset light version of Seven Eleven for India, with the aim of incorporating complete end-to-end retail automation.
Huddle, a start-up accelerator has worked with The New Shop in refining their store model dynamics to be more scalable in a post COVID-19 world. It has also helped the company establish more partnerships with emerging and established players, and refined their tech focus towards retail automation.
Commenting on the growth milestone, Founding Partners, HuddleAccelerator, 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. The team has a heavy focus on leveraging data inputs to identify the right retail locations and contextual products to sell, adding great value for all the stakeholders. 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”.
“Traditionally, retail in India has been a high-cost yet low-margin business.This phenomenon has impacted its scalability in the country for years.TNS 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. foot than Walmart U.S.A. Our tech, coupled with our asset light model makes us highly scalable.As the world speeds towards Q-commerce from mere retail and e-commerce, we at TNS aim to be the pioneers of this New Retail concept in India tailored for India.”– Mani DevGyawali, Cofounder and Head of Tech and Revenue, The New Shop.
This capital will take The New Shop to an ARR for USD 2 million in 12 months, which will make a 7X increase YOY. They will be extending their brand portfolio, with more curated and relevant products for our consumers. Their technology team is building the most economical POS (less than Rs. 12,000) in India and an IOT based footfall analytics system.
The New Shop is also aggressively looking at neighborhood stores. Covid has augmented the need and penetration for micro-retailing and the need tohave standardized modern convenience stores with targeted and intent focused productsaccessible in neighborhoods through both brick and mortar setup as well as onlinedeliveries as a necessity, and TNS is leading the way.