Latest Startup News - Indian Startup To Touch New Height Amidst Covid-19

1
Latest Startup News - Indian Startup To Touch New
Height Amidst Covid-19
Covid 19 Impact on Startups - The Pandemic of
Covid-19 took the world by storm, everything
was shaken to its core. Even some
businesses that had deep strong roots, couldnt
endure its ferocity. While the world was
learning to continue living amidst the impact of
covid-19, there was a rising startup which was on
its way to glory. While the waves kept hitting
the world, The New Shop a startup by two
brother-sister and a friend, knew how to ride
this tide and find the kingdom of new
success Founded in March19 by brother and sister
Aastha Almast and Charak Almast, and their dear
friend Mani Dev Gyawali, The New Shop
fundamentally is a chain of 24-hour open
convenience retail stores that are located in
various corners of the world. Lead and owned by
Accelerate ProductX Ventures Pvt ltd, The New
Shop has an aim to become a brand that's just a
walk away from everyones place. India is a
budding country that is on a path to growth and
therefore the third-largest consumer market
globally. The new on-the-go and modern
lifestyle of India, needs regulated,
normalized and hygienic retail services across
the country at affordable prices, at transit
points and around the clock services, said
35-year-old co-founder Aastha Almast. We wanted
to experiment to find the perfect size of the
shop and an exemplary location for expansion of
our brand. We finalized three store sizes, small
(10 sq. ft), medium (50 sq. ft), and enormous
(100-150 sq. ft), said Mani Dev Gyawali. The
founders of this Rising Startup tested each of
those store sizes at seven location categories
such as educational institutions, offices and
co-working spaces, hotels, shopping complexes,
college hostels, and railway platforms. They also
explored with the different merchandise options
to market more Indian products that act as
alternatives to their non-Indian counterpart.
Then they measured their acceptance in an
ecosystem where people need those goods, and it
worked well for them. By January 2020, we grew
to a number of 100 stores all over Delhi in all
sizes and even grabbed a deal with Indian
Railways for their plan to expand The New Shop,
says Aastha. This led the rising startup to reach
new transit points where they could explore
their business strength such as, highways,
petrol
2
pumps, and bus terminals. But when the
rising startup started touching new heights
of success, the pandemic brought them on
their knees, and every one of its stores
had to shut doors to walk-in customers, due
to government regulations and curfews. However,
what came as a blessing in disguise for them was
the very fact that they were already working on a
technology for omni-channel selling, which was
supposed to be launched in the future, after the
company had grown exponentially and had reached a
huge scale, says Aastha. The New Shop earns
money from the sale of products at its chain of
247 open stores and works on a variable cost
model of business, where it works with higher
margin brands and everyone of its operating costs
share a percentage of that margin. Presently,
all of its functional stores earn a good revenue
to boost the startup financials, between Rs 15
lakh per month to Rs 30 lakh per month and are
earning good profit on unit economics level. For
more updates on latest startup news follow us.