INDIA. Adani Airport Holdings-owned April Moon Retail has struck an agreement to acquire a 74% stake in omnichannel travel retailer CocoCart Ventures Private Limited (CVPL) for Rs200 Crore (US$24 million).
The deal, revealed in a filing today, sees April Moon Retail take control of the business from shareholders Karan and Arjun Ahuja (sons of Flemingo Duty Free Founder Atul Ahuja). The family retains control of the remaining 24%. The move is expected to be formally completed by around 31 October.
CVPL had turnover of just under Rs100 Crore (US$12 million) in the 2022-23 financial year, noted the filing.
As reported, CocoCart started as an online venture during the 2021 COVID-19 lockdowns in India before evolving into an omnichannel brand with 65 airport and highway stores today.
More on this story to follow soon. ✈
