The New Shop is an omnichannel retail company that sells unique products specific to location, its Unique Selling Point being that those products cannot be found anywhere else, as mentioned on the company website.
That being said, in recent activity, the location-specific retail brand has raised USD 500,000 in its Seed funding round.
The round witnessed participation from start-up incubator, Huddle Accelerator along with AngelList India, Anthill Ventures and Lets Venture. Apart from this, angel investors like Rohit Raj, Tejinderpal Miglani, Sameer Walia, Rathin Lahiri and Rohit Chanana also participated in the company’s seed financing round.
The New Shop is the retail chain of parent, ProductX Ventures that was founded by Indian entrepreneurs- Charak Almast, Astha Almast and Mani Dev Gyawali in 2019.
The brand is unique as it claims and offers only “Made-in-India” products in multiple categories such as Wellness, Lifestyle and Personal care including food, beverages, snacks, handicraft items, energy bars, nutritional supplements, protein-based snacks, only organic cosmetic items, grooming and skincare products etc.
Well, this is the second round of funding for The New Shop. The angel investment of USD 220, 000 was made last year in 2019 by the Original Shark Kevin Harrington and Haresh Mehta.
Sanil Sachar and Ishaan Khosla, co-founders, Huddle Accelerator commented on The New Shop’s funding round, saying,
“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,” as reported by YourStory.
Furthermore, As Prime Minister Narendra Modi endorses “Made-in-India” products and also initiated the “Atmanirbhar” movement in India, many ministries under the government of India supports The New Shop business.
Being supported by the government of India, co-founder- Aastha Almast mentioned in a statement,
“As a consumer whether we are at a highway, railway station, office or a neighbourhood, 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.”
Conclusively, The New Shop aims to bring a new retail concept in India which will be tailor-made for Bharat. The company is positive that it will leverage technology to boost its retail business which will make it highly scalable and better than traditional retail practices.