07 August 2018, India:
eCommerce startup Shopx has raised $35 million in fresh round of funding from Fung Strategic Holdings Limited.
The startup plans to use the fresh capital to expand to lakhs of small merchants, strengthen its product and technology and build new offerings covering multiple product verticals.
“We are keen on building a globally transformative company out of India, and one with a deep product and technology-led culture. Having the right investors in an ambitious venture like ShopX is paramount. Nandan has helped us not only with capital but also significantly enhanced our vision with his strategic guidance and helped instill sound operating values. We could not have asked for more in an early stage investor. As we plan for hyper-growth, we are extremely excited to have a global supply chain leader like the Fung Group as our strategic investor. We expect deep synergies in the areas of supply chain orchestration, global sourcing, introduction to new brands and overall retail distribution,” said Amit Sharma, CEO and co-founder of ShopX.
“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. We’re proud to be their strategic partner and we’re very excited at the potential growth ahead,” said Rajesh Ranavat, Executive Director of Fung Strategic Holdings.
“The ShopX model provides small retailers the same cutting-edge technology and supply chain solutions that any established ecommerce or organized retailer has access to. This provides an onboarding ramp into the formal economy for millions of retailers and the next 400 million consumers. ShopX has been built on scalable and sound business principles like platform thinking, capital efficiency and a sustainable growth model,” said Nandan Nilekani.
ShopX was founded by Amit Sharma and Apoorva Jois in 2015. It is a technology startup using digital commerce to make products, content & services available to all.
(Image – ShopX)