Shopholix Raises Rs 1.5 Cr in a Pre-Series A Round Led by Veteran Investor Munesh Khanna
To utilise the capital infusion for product development and strengthening its partner network
Shopholix, India’s first fashion & lifestyle couponing platform for brick & mortar stores, has recently raised an impressive sum of INR 1.5 crore in a Pre-Series A round of funding led by veteran investor Munesh Khanna, with participation from other investors in India and abroad. Along with its plans to expand its geographical reach, the start-up will utilise the funds to enhance the product, strengthen its partner network, and organise overall operations by March 2018.
Founded by Hemant Upadhyay, Abhinav Midha, and Chinmay Bhatt, Shopholix is a location based mobile app and web interface that enables shoppers to locate, explore and plan their shopping trips. The company offers offline retailers a unique opportunity to interact with digital shoppers, and leverage the incoming traffic of users on the platform through coupon redemptions, digital payments, and point of sale systems. Moreover, the platform seamlessly integrates with any brand’s retail CRM to help bring existing customers on board to the Shopholix platform, thus enabling them to experience the next level of retail shopping.
Mr. Abhinav Midha, Co-Founder, Shopholix commented, “The common entrepreneurial vision shared by the entire team of Shopholix is scalability, both of the product, as well as operations. Hence, it became imperative for us to seek strategic investors who can not only bring their knowledge of growing businesses on board, but also help us with their wide network in the industry. Mr. Khanna, as an experienced professional and investor, brings with him these very credentials, and we are extremely delighted to have him on board as a mentor to the company.”
On the investment in Shopholix, Mr. Munesh Khanna said, “Shopholix has grown exponentially thanks to its innovative business model and by leveraging digital tools and technologies for offline retailers. Moreover, by tapping into a largely unexplored segment like offline retail with its focused digital marketing solutions, the start-up is well on its way to becoming a market leader in the segment. I’m confident of its growth trajectory and pleased at the opportunity to offer my assistance and insights to its talented leadership team.”
Currently live in Mumbai, Shopholix allows shoppers to discover deals and discounts from around 2,000 local stores, and redeem mCoupons at the retail outlets of popular fashion and lifestyle brands, all on the platform. The company plans to bring on board 10 lakh total users, and achieve profitability with a valuation of INR 100 crores by 2022. It plans to expand its presence across Indian metros and Tier-1 cities, along with major global shopping destinations such as Dubai, Bangkok, Abu Dhabi, Singapore, and Hong Kong.
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