ShopSe funding

Mumbai-based fintech startup ShopSe on Wednesday announced that it has secured about Rs 40 crore ($5.5 million) in a funding round led by Chiratae Ventures and BEENEXT. The round also saw participation from Opus, Pentathlon Ventures, and existing angel investor Abhishant Pant of Yatra Angel Network. 

The freshly raised funds will allow ShopSe to hire more talent, grow market reach to serve the increasing demand for its platform, and boost product development. The team intends to be present at 200,000+ retail points in 12 months.

Pallav Jain, Co-founder and CEO, ShopSe, said, “Our team is passionate about solving for affordability with convenience and providing a much better experience through ShopSe Instant EMI. We are delighted that leading Banks and NBFCs of India also agree with our view and have chosen to partner with us. With these lender partnerships, our large retailer base, and growing base of delighted customers, we are excited about reimagining the space for affordability at point of purchase.”

According to the startup, availing affordable EMI options at the point of purchase is a very broken and painful process today, for both customers and sellers. ShopSe founding team has been in this space for a long time and recognized the need for a much better EMI solution for the market, the firm stated. The team claims to have created a digital platform with the largest credit-approved customer base in India and is used by 10,000+ retail points today.

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ShopSe was founded by Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai who had worked together in PayU before this. 

TCM Sundaram, Founder and Managing Director, Chiratae Ventures, remarked, “ShopSe is revolutionizing the Point of Sale lending by bringing together the consumers’ needs and the lenders at the time of purchase, that helps the retailer close a sale. We look forward to ShopSe helping drive India’s consumption growth in the years to come.” 

Hero Choudhary, Managing Partner, BEENEXT, said that ShopSe’s founding team has a strong understanding of space resulting in a best-in-class platform for lenders and retailers. “We are very impressed by the team’s passion, positive feedback received from users, and the speed of execution.”

Commenting on the development, Shishir Gupta, Founder and CEO of StartupLanes said, “ShopSe is bringing a revolution in retail Point of Sale lending by introducing next-generation digital EMI solution. This will help the company fuel national consumption growth in the near future.”

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