New Shop progresses on asset transfer deal with GPIL for 24Seven Stores

New Shop, the emerging retail start-up, confirmed advancing with the rebranding exercise of 24seven stores as it enters into the final leg of an asset transfer deal with KK Modi Group company, Godfrey Phillips India Ltd. (GPIL).

This development represents a pivotal moment for New Shop. “We have entered into an asset transfer deal for GPIL's retail division operating under the name 24Seven,” stated a spokesperson for New Shop exclusively to Franchise India. “We are taking over the stores and assets, and rebranding them. The process has already begun, and we are taking charge of the stores phase-wise. The official transaction closure announcement will follow after the necessary legal and compliance commitments are met.”

For New Shop, co-founded in 2019 by siblings Aastha and Charak Almast and Mani Dev Gyawali, the move fast-tracks growth plans. Already operating over 160 stores across 35 cities, the addition of 24Seven’s established presence will enhance its reach within urban India. 24Seven, introduced in 2005, was a trailblazer in the 24-hour convenience store market in India.

Before the transfer, the brand managed 145 outlets across Delhi-NCR, Punjab, and Hyderabad, offering products ranging from groceries and snacks to beverages and ready-to-eat meals. These outlets are currently closed temporarily, with notices citing renovations. By rebranding 24Seven stores under its own name, New Shop is signaling its dedication to redefining the convenience retail experience. Known for its tech-driven solutions and customer-focused approach, the company is positioning itself as a key innovator in the sector. Industry analysts view the agreement as a mutually beneficial decision. As the transition continues, New Shop’s phased approach to taking over operations aims to ensure minimal disruption at existing 24Seven outlets.

Once the legal and compliance requirements are fully addressed, an official announcement will mark the deal’s completion, ushering in a transformative phase for both brands within India’s dynamic retail landscape.