AltG Eyes Acquisition of 24Seven Amid Financial Troubles

AltG, a financial R&D-focused investor, has expressed interest in acquiring 24Seven, a grocery and convenience store chain under Godfrey Phillips India. Despite 24Seven's current financial woes, AltG aims to rejuvenate the brand through strategic restructuring and expansion plans.

In a strategic move, AltG, a financial R&D-focused investor, has announced its interest in acquiring the grocery and convenience store chain, 24Seven, which is currently owned by Godfrey Phillips India. Known for turning around distressed assets, AltG sees a significant opportunity in revitalizing the 24Seven brand.

AltG believes 24Seven is a promising business hampered by a weak balance sheet. The investor plans to initiate a financial restructuring to expand the chain's operations. Currently, 24Seven operates about 90 full-format outlets and 40 kiosks in Delhi-NCR, Chandigarh, and Hyderabad. The news comes as 24Seven faces financial difficulties, leading to temporary store closures this month. Godfrey Phillips India had previously planned to exit the 24Seven business by July 31, 2024. Despite generating Rs. 403 crore in revenue for FY24, 24Seven had a negative net worth as of March 31, 2024.

Email queries to 24Seven and AltG remained unanswered. AltG had earlier suggested Godfrey Phillips spin off 24Seven in an open letter, acknowledging the brand's potential. The acquisition aims to capitalize on 24Seven's metropolitan presence to drive significant growth in India's expanding convenience retail market. Founded by Wharton and INSEAD alumni, Poornima Vardhan and Taponeel Mukherjee, AltG employs a unique financial R&D system to identify and rehabilitate undervalued assets.

Meanwhile, The New Shop, a New Delhi-based grocery convenience startup, is also in discussions with Godfrey Phillips India for a potential acquisition of 24Seven. The company plans to rebrand the stores under The New Shop name.

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(With inputs from agencies.)