ShopSe, a platform that offers instant EMI to its customers has now raised a Series A funding of about $6.1 million. The fresh funding round was led by investors like BEENEXT, Chiratae Ventures, and White Venture Capital.
This Mumbai based startup is planning to utilize the fresh capital in the following ways:
- To boost its services to 150,000 more retailers,
- Grow its team and lender partnerships, and
- Enhance platform capabilities.
ShopSe was founded by Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai in the year 2020. The company facilitates a pay-later marketplace, by partnering with retailers and lenders and providing instant credit at the point of purchase.
The partnership lenders include HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, and IIFL. ShopSe has 35,000 retailers as its partners. The company contains 120 brand partners including Voltas, Asus, Whirlpool, Bluestar, Daikin, and Realme, in 500 locations.
Since the last funding round, its team has grown to over 300 members.
EXECUTIVE OPINION:
“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 purchases,” Hero Choudhary, Managing Partner of BEENEXT.
“Our team is passionate about making affordability more convenient, accessible and transparent. We are committed to solving for convenient affordability at the point of purchase by working with our partners to build the right digital offerings for the market,” Pallav, co-founder and CEO of ShopSe, said.
