Nandan Nilekani-backed ShopX raises ₹105 crores in Second Tranche

Ad

online business marketing

A 7-Step Guide to Marketing Your Business in the Online World

If you run your own business - you probably want to get the word out there so that you can start to grow and increase sales. If that's the case - then you should...

Ad

Tips to Prepare for Class 11 Physics Exam

Physics is a branch of science. It can be defined as the study of matter or the study of energy or the study of the interaction between matter and energy. In simple terms, Physics...

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.

So, what are your thoughts on this story?
Tell us in the comments.

Boost Your Knowledge. Subscribe & Learn Everything about the Indian Startup Ecosystem

Divya Baral
Divya is the correspondent for the category "Funding News", "Funding Roundups" and author of "Fundraising Essentials". She has been writing for 10 years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Receive Daily Funding Updates

SUBSCRIBE
Close

WANNA SUBSCRIBE

GET DAILY UPDATES ABOUT THE STARTUP ECOSYSTEM
I AM IN
* Terms & Conditions Apply
close-link