Mumbai-based fintech startup ShopSe, which offers pay later and instant EMI platform, on Wednesday announced that it has raised around Rs 40 crore ($5.5 million) in a funding round led by Chiratae Ventures and BEENEXT. The round also had participation from Pentathlon Ventures, Opus, and existing angel investor Abhishant Pant of Yatra Angel Network.
The amount raised will enable ShopSe to add more talent, expand market reach to serve the growing demand for its platform, and accelerate product development. The team plans to be present at 200,000+ retail points in 12 months.
“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,” said Pallav Jain, Co-founder and CEO, ShopSe.
According to the startup, availing affordable EMI options at 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 saw the need for a much better EMI solution for the market, the firm said. The team claims to have built a digital platform with the largest credit-approved customer base in India and being used by 10,000+ retail points today.
ShopSe has been founded by Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai who had worked together in PayU before this.
“ShopSe is revolutionising 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,” added TCM Sundaram, Founder and Managing Director, Chiratae Ventures.
Hero Choudhary, Managing Partner, BEENEXT, stated that ShopSe’s founding team has deep 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.”