Kevin Harrington, the original shark investor from Shark Tank, has made his first investment in India with The New Shop, a chain of retail stores launched by ProductX Ventures.
The New Shop, a chain of high-speed retail stores by ProductX Ventures, has announced their strategic partnership with Kevin Harrington, an original “Shark” on the Emmy-winning TV show Shark Tank. Kevin brings with him extensive experience in business, retail, and distribution along with his expertise in building and scaling consumer products and the art of selling. The New Shop association also marks Kevin’s first investment in India.
With the undisclosed funding from Harrington, The New Shop aims to increase the number of its stores to 200 over the next 3 months and eventually scale up to 100,000 stores in 5 years, thereby, disrupting India’s retail space by exclusively partnering with unique FMCG companies based across the country.
Aastha Almast, Founder, The New Shop, said, “India has the third-largest start-up ecosystem in the world and acquiring funds from an investor featured on a global platform like Shark Tank is both a moment of pride for The New Shop and a major validation for PM Modi’s Make in India initiative. We are delighted to have Kevin onboard as a mentor and partner, who will use our distribution channel to vet innovative Indian consumer products for investment and distribution in the USA. He will also aid the company in its international expansion at later growth stages.”
“Our retail structure is creating a wonderful opportunity for various Indian products to get discovered and increase their end-user reach by scaling across domestic markets. We are looking forward to maximizing our retail reach by generating greater operational efficiencies and driving collaborative development for our brand,” she added.
Kevin Harrington stated, “Indian homegrown brands, as well as international brands, are waking up to the spending power of the aspirational Indian consumer. Through The New Shop’s massive distribution reach, such brands can become accessible to consumers already looking to buy differentiated, innovative products. Making my first India investment inThe New Shop is a strategic decision, as it will further enable us to leverage the company’s growing consumer base to popularize Shark Tank products in India.”