Point of Sale platform ShopSe has secured a $5.5 million (Rs 40 crore) in funding led by Chiratae Ventures and BEENEXT. The capital infusion exercise also saw participation from Pentathlon Ventures, venture capital firm Opus and existing investor Abhishant Pant of Yatra Angel Network. The company said it will leverage the funds to strengthen its team, fuel expansion and product development.
Founded by former PayU employees Pallav Jain, Abhishek Nimonkar & Yagnesh Desai, the Mumbai-based startup specialises in providing a common digital platform between lenders and retailers for customers making point purchases at stores. The startup offers equated monthly installments or EMI solutions at retail points of sale (PoS) adding to the slew of buy now pay later (BNPL) models in the Indian market.
The startup claims its platform is currently being used at more than 10,000 retail points across the country, and it has now set an aim to grow this to 2 lakh retail points over the next 12 months. The fintech segment, particularly digital payments and lending, has become stronger than ever after the coronavirus outbreak.
“We are delighted that leading Banks and NBFCs of India also agree with our view and have chosen to partner with us. We are happy to welcome Chiratae, Beenext and other investors to Shopse family and are really energised by their belief in our mission,” Shopse co-founder and CEO Pallav Jain said.
Chiratae Ventures founder and MD TCM Sundaram said Shopse is revolutionising point of sale lending by bringing together the consumers” needs and the lenders at the time of purchase, which helps the retailer close a sale.
“We look forward to Shopse help drive India”s consumption growth in the years to come,” Sundaram added.