Bengaluru-based digital offline platform ShopX has raised ₹241 crores ($35 million) from Fung Strategic Holdings to further its expansion plans. ShopX had earlier raised more than ₹123 crores ($18 million) from its early investor Nandan Nilekani.
The funds raised will be used to boost its products and engineering teams, along with strengthening its FMCG offerings and credit services.
ShopX was founded by Amit Sharma and Apoorva Jois in 2015 with an aim to empower offline stores in small towns and cities with the help of its technology-led platform. It uses a proprietary technology to help retailers transform their business into a technology-enabled platform that can help the retailers to reach more customers and offer more services.
The platform has partnered with more than 100 consumer brands, including Hindustan Unilever, P&G, among others. It has also been approached by another 200 brands to partner on the supply side. So far, ShopX has enabled more than 45,000 retailers through its platform, serving more than 8 million customers across 280 towns, carrying out 50,000 transactions in a day.
According to Sharma, the startup has grown at 20% month on month over the last few months and expects the growth rate to jump to 25% in the coming months. ShopX has also turned profitable at category-level, which is always a good news for the investors.
In its domain, ShopX competes with the startups like Udaan, Jumbotail, StoreKing, among others.
Indian B2B retail industry is estimated to be worth $100 billion, with a pool of opportunity as there are over 48 million offline retailers in the country, as per RedSeer Consulting.
Talking about the investment, Rajesh Ranavat, executive director of Fung Strategic Holdings, said, “ShopX has a huge opportunity to transform India’s current retail landscape and be a real pioneer in terms of creating the future of what’s possible for the retail ecosystem in India, from the consumer to the supplier, retailer or brand.”
ShopX’s new partner Fung Group operates across the entire supply chain for consumer goods including sourcing, logistics, distribution, and retail.