- The startup will use the funding to increase its market presence, strengthen the team, and accelerate product development.
- Other investors --- BEENEXT, Pentathlon Ventures, Opus, and angel investor Abhishant Pant, also participated.
- ShopSe is an online lending platform that provides instant EMI services to its customers.
Mumbai-based ShopSe, which provides instant EMI and pay later services, has raised $5.5 million (about Rs 40.8 crore) in a new funding round led by Chiratae Ventures (formerly IDG Ventures India), BEENEXT, Pentathlon Ventures, Opus, and existing seed investor Abhishant Pant.
ShopSe will use the funding to increase its market presence, strengthen the team, and accelerate product development to meet the growing demand for its platform, the statement said. The startup is aiming to spread its product across 200K+ retail touchpoints in the next couple of months.
Founded in 2019 by industry veteran Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai. ShopSe (Newbazaar Technologies Pvt. Ltd.) partners with banks and NBFCs firms to offer instant EMI and pay later services to its customers. It claims to have more than 50 million customers using ShopSe services across 10,000 retail touchpoints.
Pallav Jain, Co-founder & CEO, ShopSe, said, “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 the point of purchase," he said.
Also Read: Digital lending platform KreditBee raises $70 million funding to expand its products line
Speaking on the investment, TCM Sundaram, Founder & Managing Director, Chiratae Ventures, said, “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."
Hero Choudhary from BEENEXT said, "The 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.”
Besides ShopSe, Chiratae Ventures has also invested in other fintech startups, including active.ai, Credit Mantri, Fintellix, Policybazaar, among others.
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