New Delhi (CNN Business) The world's biggest convenience store chain is wading into India's massive market.

7-Eleven will set up its first stores in India later this year after signing a franchise deal with Future Group, a local retail chain.

Future Group will convert some of its existing stores to 7-Eleven outlets while also opening new ones across India, the companies said this week.

7-Eleven SVNDY market. The country's grocery industry is currently worth around $380 billion, according to a , which operates more than 67,000 stores around the world, is the latest global player to make a play for India's rapidly growingmarket. The country's grocery industry is currently worth around $380 billion, according to a report last year by the US Department of Agriculture.

Neighborhood mom-and-pop stores, where most Indians do their weekly shopping, account for an estimated 98% of the market. But Future Group's Big Bazaar and other modern supermarkets are growing in popularity, and the USDA predicts their share will double from 2% to 4% by 2020.

7-Eleven operates more than 67,000 stores around the world.