Fintech Startup ShopSe raises $5.5 Million led by Chiratae Ventures & Others

Mumbai based fintech startup ShopSe has raised $5.5 million (Rs 40 crore) in a funding round led by Chiratae Ventures and BEENEXT. Pentathlon Ventures, Opus, and existing investor Abhishant Pant of Yatra Angel Network also participated in the round.

ShopSe is a Point of Sale (PoS) platform that lets the customer pay in easy and no-cost installments. With a wide seller base and lender partnerships, ShopSe lets users avail instant digital EMI without any documentation. The startup has an approved customer base of more than 50 million, and direct tie-ups with the largest banks of India.

Founded by former PayU employees Pallav Jain, Abhishek Nimonkar & Yagnesh Desai, ShopSe specializes in providing a common digital platform between lenders and retailers for customers making point purchases at stores.

The fresh capital raised will be used by ShopSe for strengthening its team while also scaling the startup's reach. The company aims to spread across 2,00,000 retail touchpoints in the next 12 months.

“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 point of purchase," said, Pallav Jain, Chief Executive & Co-Founder, ShopSe.

The company said it has partnered with 10,000 retailers and several banks to offer consumer loans to over 45 million customers.

TCM Sundaram, Founder & Managing Director, Chiratae Ventures said, “ShopSe is revolutionizing point of sale lending by bringing together the consumers' needs 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.”

Over 147 (12 percent) of the existing 1,263 digital lending startups in the country are financed by venture capital funding. Short-term loans for sales and spending have seen an unprecedented rise in demand in the Indian market.

"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,” said, Hero Choudhary, Managing Partner, BeeNext.