Assisted e-commerce platform for small retailers ShopX has put up Rs 10.68 crore from three individuals including its existing investor Fung Capital’s Managing Director, his wife and Ex-Chairman of Crompton Greaves.
The new financing round has come for the company after 20 months. It had raised $35 million from Fung Group’s investment arm, FSX Pte – Li & Fung in August 2018.
As per the fresh regulatory filings, the Bengaluru-based venture has allotted 8,778 equity shares at a rate of Rs 12,161 per share to raise the aforementioned sum. Rajesh Ranavat (Fung capital’s MD) invested Rs 7.11 crore and was allotted 5,852 equity shares in personal capacity together with his Wife Sandhya Ranavat.
Rajesh also holds a seat in ShopX’s board of directors.
Former Chairman Crompton Greaves Kewal Nohria also picked up 2,926 equity shares for Rs 3.56 crore in ShopX. Nohria is Nitin Nohria’s father who is presently Havard Business School’s Dean.
Importantly, during the last funding round the price per shares of ShopX was Rs 22,127.7, which has been decreased by around 45 per cent to only Rs 12,161 in the new financing. As of now, the firm has secured over $54 million in entire risk capital.
ShopX is a B2B e-commerce platform that discards the challenges pertaining to sales and inventory management for small retailers in tier II and III cities and Bharat. It also presented a full-stack app SupplyX which let brands, wholesalers, retailers and distributors to track their sales and inventory.
The company recently asserted to achieve an annual gross merchandise value of $900 million as of December 2019 and attain profitability on the unit economics level. ShopX also acquihired omnichannel mobile phone retail brand GabbarDeals in February 2019 and rebranded as ShopX Edge.
Nandan Nilekani, the IT entrepreneur invested about $18 million in ShopX. The company competes with ShopKirana, Udaan, Amazon, Jio Mart and Flipkart among others.