ShopSe Raises $5.5 Million in Funding

Mumbai: ShopSe, which partners lenders and retailers to provide EMI options to customers at the point of purchase, has raised $5.5 million (Rs 40 crore) in funding led by early-stage venture capital funds Chiratae Ventures and Beenext.

The round also saw participation from Pentathlon Ventures, Opus, and existing angel investor Abhishant Pant of Yatra Angel Network.

The startup will utilize the funding to hire more professionals, expand market reach and accelerate product development. ShopSe plans to be present at over two lakh points in the next 12 months.

The company was founded in February last year by former PayU employees Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai.

ShopSe claims it has extended services to over 10,000 retail points.

The fintech segment, particularly digital payments and lending, has become stronger than ever after the coronavirus outbreak.