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Godrej Group owned Nature’s Basket acquires online grocer Ekstop.com

Godrej Group's premium food products retailer Nature's Basket has acquired Mumbai-based online grocery store Ekstop.com, reports Livemint. The financial details of the deal have not been revealed, though the report pegged deal value to be around Rs 30-40 crore. The report also mentions that currently Nature's Basket is working on rebranding and integrating Ekstop.com as its online platform. The Ekstop management team is expected to join Nature's Basket and the new platform is expected to launch March 15. The Ekstop website currently informs customers that: We are upgrading our infrastructure and bringing thousands of more products , faster same-day delivery and other exciting services and updates that will amaze our customers. We will be in several more cities this upcoming year of 2015. Ekstop will be ready to serve the customers in an all-new upgraded form shortly. Meanwhile, we sincerely apologize for any disruption in service over the next few days. Interestingly, Nature's Basket already allows consumers to shop online. It has 32 physical stores in Mumbai, Pune, Bangalore, Delhi NCR and Hyderabad, and provides home delivery of products bought online in these cities. So, the Ekstop acquisition seems more like an acqui-hire. In January last year, Ekstop had raised an undisclosed amount in funding from Unilazer Ventures, UTV founder Ronnie Screwvala’s investment company. At the time, media reports had suggested that Unilazer had picked up a 25% stake in the company. This followed an undisclosed amount of angel funding raised in June 2012 from a clutch of investors, including Jungle Ventures, Jayesh Parekh,…

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