Checking out of 24Seven: Godfrey sees exit valuation of Rs 700-1,000 cr

Low margins and escalating real estate prices are primary drivers for exiting the 24Seven business

This report has been updated

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Godfrey Phillips India (GPI), the owner of the convenience store chain 24Seven, expects a valuation ranging from Rs 700 crore to Rs 1,000 crore for its exit from the business.

In a statement to Business Standard, Samir Modi, executive director of GPI and founder-president of 24Seven, said, “The GPI board has decided to exit the business, and the process is underway. We expect a valuation at 1.2-1.5 times our revenues.”

He further said: "I wear two hats, one is of executive director of GPI, and the other of the founder of 24Seven. I personally