ShopSe Raises $5.5 Mn From Chiratae Ventures And BEENEXT The investment will enable ShopSe to strengthen team, expand market reach to serve the growing demand and accelerate product development
By Prabhjeet Bhatla •
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Fintech startup ShopSe—a pay-later and instant EMI platform—on Wednesday announced that it has raised around $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 great talent, expand market reach to serve the growing demand for their platform, and accelerate product development. The team plans to be present at over 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 a growing base of delighted customers, we are excited about reimagining the space for affordability at the point of purchase. On behalf of the team, we are grateful to our Bank and NBFC partners, retail partners, and customers who placed their trust in us and have been our best brand ambassadors. We are happy to welcome Chiratae, BEENEXT, and other investors to ShopSe family and really energized by their belief in our mission," said Pallav Jain, co-founder, and chief executive officer, ShopSe.
ShopSe has been founded by Jain, Abhishek Nimonkar, and Yagnesh Desai who had worked together in PayU before this.
"ShopSe is revolutionizing Point of Sale lending by bringing together the consumers need and the lenders at the time of purchase that helps the retailer close a sale. We look forward to ShopSe help drive India's consumption growth in the years to come," shared TCM Sundaram, founder, and managing director, Chiratae Ventures.
The instant EMI/pay-later platform is partnering with lenders and retailers to provide a best-in-class experience to customers at the point of purchase.
"BEENEXT is excited to partner with ShopSe in bringing next-generation digital EMI solution (BNPL) at retail point of sale. The founding team has a 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," concluded Hero Choudhary, managing partner, BEENEXT.
