Total amount raised
$1.4 Millions
Latest funding date
12/01/2022
Location
The New Shop has successfully raised $720,000 in a Series A funding round, attracting a total of 18 investors, including Abhishek Deo, Good Game Investments, and Supermorpheus. The company operates a chain of high-speed retail stores, offering a range of products and services through an omnichannel presence.
Keep reading to explore the intricacies of The New Shop's fundraising journey and the investors backing this innovative retail platform.
What Is The New Shop?
The New Shop, founded in 2019, is a chain of high-speed retail stores based in New Delhi, India. The company was established by Aastha Almast, Charak Almast, and Mani Dev Gyawali.
Operating 24/7, The New Shop offers a wide range of products, including snacks, beverages, personal care items, and groceries. They also provide quick delivery services, aiming to reach customers within 15-30 minutes.
With a workforce of 501-1000 employees, The New Shop focuses on transforming traditional stores into trendy social spaces, catering to urbanizing areas and mass transit hubs.
How Much Funding Has The New Shop Raised?
- Angel Round
- Amount Raised: $220,000
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The initial funding was likely aimed at establishing the business, setting up the first few stores, and proving the business model.
- Seed Round
- Amount Raised: $500,000
- Date: December 2020
- Lead Investors: Huddle Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funding was aimed at scaling the business, achieving an ARR of $2 million within 12 months, extending the brand portfolio, developing economical POS systems, and expanding the presence in neighborhood stores.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
- Series A
- Amount Raised: $720,000
- Date: December 2022
- Lead Investors: Abhishek Deo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
Total Amount Raised: $1,440,000. Current Valuation: Not publicly disclosed.
Key Investors
- Huddle Accelerator
- Details: Huddle Accelerator is a startup accelerator that has worked closely with The New Shop to refine their store model and establish partnerships. Founded by Sanil Sachar and Ishaan Khosla, Huddle focuses on accelerating startups by providing strategic guidance and resources.
- Investment Focus Areas: Startups, Retail, Technology
- Notable Investments: The New Shop
- Anthill Ventures
- Details: Anthill Ventures is a venture capital firm that focuses on media and consumer investments. They support startups by providing marketing and distribution resources across Asia.
- Investment Focus Areas: Media, Consumer, Technology
- Notable Investments: The New Shop
- AngelList India
- Details: AngelList India is a platform that connects startups with angel investors. It facilitates fundraising and provides a network for startups to grow.
- Investment Focus Areas: Startups, Technology, Consumer
- Notable Investments: The New Shop
- Lets Venture
- Details: Lets Venture is a platform that connects startups with investors. It helps startups raise funds and provides a network of investors and mentors.
- Investment Focus Areas: Startups, Technology, Consumer
- Notable Investments: The New Shop
- Abhishek Deo
- Details: Abhishek Deo is an individual investor who participated in The New Shop's Series A funding round. Specific details about his background and other investments are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: The New Shop
What's Next for The New Shop?
The New Shop is poised to capitalize on the burgeoning convenience retail market, with significant opportunities in transit and residential areas. The company aims to build an asset-light version of Seven Eleven for India, leveraging retail automation to enhance scalability. This approach aligns with industry trends towards omnichannel retail and data-driven decision-making.
Future fundraising opportunities appear promising as The New Shop targets an annual recurring revenue of $2 million within 12 months. This growth trajectory may attract further investments to support their aggressive expansion plans. However, challenges such as high operational costs and competition from other retail chains could pose hurdles. Ensuring consistent product quality and navigating regulatory landscapes will be crucial for sustained success.
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