The India unit of Metavisio-Thomson, a French consumer technology company that markets affordable television sets, notebook computers, and tablets under the Thomson brand, is acquiring a minority stake in the convenience retail chain New Shop.
This is the result of a strategic distribution agreement that was signed between Metavisio-Thomson and New Shop last week. The agreement involves the establishment of 120 flagship stores in India, with a focus on two and three-tier markets.
New Shop is currently in the process of acquiring the 24Seven grocery and convenience retail chain, which was owned by Godfrey Phillips and exited the retail business last month. Godfrey Phillips managed 90 full-format outlets and 40 terminals of 24Seven, which New Shop is gradually acquiring.
Read also – JFrog Partners with NVIDIA to Deliver Secure AI Models
New Shop, a 24-hour convenience chain, was established in 2019 by entrepreneurs Aastha and Charak Almast, along with their associate Mani Dev Gyawali. The chain currently maintains 160 stores in 35 cities, offering a variety of products such as grocery staples, snacks, personal care, home care, pet foods, hygiene products, and over-the-counter medications.
Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:
Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.
Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.
Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.
