ShopSe, the instant no-cost EMI digital platform, has raised $6.1 million as a part of its strategic series A funding from investors such as BeeNext, Chiratae Ventures, and White Venture Capital, a fund backed by Amrish Rau and Jitendra Gupta. This funding round comes just after a year of raising a seed round of $5.5 million, said the firm.
The round will enable ShopSe to accelerate serviceability to 150,000 more retailers, continue to build a top-quality team, grow lender partnerships and further enhance platform capabilities to enable over 45 million Indian consumers with convenient affordability, reported VCCiRCLE.
Former PayU employees Pallav Jain, Abhishek Nimonkar and Yagnesh Desai started ShopSe in 2020. ShopSe’s pay-later marketplace offers instant customisable credit solutions at point of purchase. Its marketplace brings lenders and retailers together to offer EMI solutions for customers in online and offline space. It offers credit solutions at the purchase point without any documentation, rather by examining credit eligibility digitally.
Pallav Jain, co-founder and CEO of ShopSe, said, “With the help of our lending partners, we have been able to bring change for 35,000 retailers serving customers in 500+ locations across the country. We are committed to solving for convenient affordability at point of purchase by working with our partners to build the right digital offerings for the market.”
Since the previous fund raise, ShopSe team has grown from 10 members to 300+ team members. ShopSe has increased its presence from about 2,000 retail points to 35,000+ retail points. The platform has grown to 120+ brand partners including Voltas, Asus, Whirlpool, Bluestar, Daikin, Realme to name a few. Banks/NBFCs who have trusted ShopSe to be their digital partner include reputed institutions such as HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, IIFL and others, said the firm.
Hero Choudhary, managing partner of BeeNext, added, “We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback has strengthened our conviction about their vision of making shopping affordable for everyday purchase.”