Instant EMI platform ShopSe raises $6.1M led by BEENEXT, Chiratae, others

Mumbai-based ShopSe, a fintech startup offering instant EMI feature to customers, has raised $6.1 million in a Series A funding round led by BEENEXT, Chiratae Ventures, and White Venture Capital.

The funding announcement comes more than a year after it raised $5.5 million in its Seed round from Chiratae Ventures (formerly IDG Ventures India), BEENEXT, Pentathlon Ventures, Opus, and existing seed investor Abhishant Pant.

Founded in 2020 by Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai, ShopSe operates a digital affordability marketplace where it provides instant no-cost EMI and pay-later services to consumers at the point of purchase.

The fintech startup has partnered with lenders including HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, and IIFL, and claims to have added 35,000 retailers as its partners. The latest raise brings its all-time raise to $11.6 million.

With this round of funding, ShopSe says it will focus on scaling its services to 150,000 more retailers, grow its team and lender partnerships, and further enhance platform capabilities. "We are looking to take our presence from 35,000 to 150,000 retail points. "Apart from that, we will be building lending partnerships and products based on the need of the market," said Pallav Jain, Co-founder & CEO of Shopse.

Speaking on the investment, Hero Choudhary, Managing Partner of BEENEXT said, “We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback have strengthened our conviction about their vision of making shopping affordable for everyday purchase."

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