Bengaluru-based e-commerce startup ShopX has raised ₹105 crores ($15 million) from Fung Strategic Holdings in a second tranche as a part of the ₹245 crores ($35 million) funding the startup raised in August 2018. Out of the total funding, the company raised its first trance last year with ₹22.12 lakh equity push and ₹105 crores ($15 million) in preference shares.
Prior to this round, ShopX has raised more than $50 million in multiple funding rounds from investor Nandan Nilekani. Founded by Amit Sharma and Apoorva Jois, ShopX helps retailers to offer their products and services to customers by listing daily deals from them on the platform. You can read the startup story of ShopX.
The startup focuses on a digital offline approach using its proprietary technology platform rather than an asset-heavy approach. ShopX also offers services like mobile, DTH and broadband recharge, bus booking, flight booking, and utility bill payments. The startup has also started providing credit to retail partners through ShopX Suvidha.
The firm has partnered with more than 100 consumer brands like Hindustan Unilever and P&G. The company has witnessed a 20% MoM growth over the last few months and expects to touch 25% MoM growth over the upcoming months. Furthermore, the startup is already profitable at the category label. ShopX has more than 45,000 retailers on its network across 28 towns and reaches more than 80 lakh customers. The startup witnesses more than 50,000 orders per day.