Shopse, Digital EMI Marketplace, Raises $6.1 Mn to Solve Consumer Affordability

The round has been led by BEENEXT apart from additional investments from Chiratae Ventures and Amrish Rau/Jitendra Gupta backed White Venture Capital

ShopSe, the instant no-cost EMI digital platform has raised $6.1 million as a part of its strategic series A funding from reputed investors like BEENEXT, Chiratae Ventures and White Venture Capital, the fund backed by Amrish Rau and Jitendra Gupta. 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. This funding round comes just after a year of raising a seed round of $5.5 million.

ShopSe’s pay-later marketplace has eliminated the tedious documentation process and enables credit eligibility in real time making it India’s largest fintech platform to provide instant customizable credit solutions at point of purchase. Founded in 2020, the company has created a digital affordability marketplace between retailers and lenders to offer the most convenient EMI solutions for customers in online and offline space.

Pallav Jain, Co-founder and CEO of ShopSe, said, ‘We are grateful for the continued trust shown in our vision by our partners and supporting us towards making everyday life more affordable for Indians. Our team is passionate about making affordability more convenient, accessible and transparent. 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.”

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.”

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.

About ShopSe

India's largest EMI platform ShopSe is an instant no-cost EMI or pay-later service Co-founded by engineers Pallav Jain, Abhishek Nimonkar and Yagnesh Desai. The platform specializes in providing a common digital marketplace to lenders, retailers and customers making purchases online or at stores. ShopSe is revolutionizing Point of purchase lending by bringing together the consumers' needs and the lenders at the time of purchase that helps the retailer close a sale. It is the only Indian fintech platform providing instant customizable credit solutions to the customers by digitally examining real time credit eligibility without any tedious documentation processes.

Since its inception in 2020, ShopSe has seen tremendous growth by partnering with 120+ brands and having a presence at over 35,000 retailers across India. The new age fintech is trusted by some of the largest banks namely HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, IIFL among others.


Post a Comment

أحدث أقدم
Like this content? Sign up for our daily newsletter to get latest updates.