Fintech startup ShopSe, which offers India’s largest Pay later and Instant EMI platform, today announced that it has raised around INR 40 Crores/ USD 5.5 Million in a round funding led by Chiratae Ventures and BEENEXT. The round also had participation from Pentathlon Ventures, Opus and existing angel investor Abhishant Pant of Yatra Angel Network.
Availing affordable EMI options at point of purchase is a very broken and painful process today, for both customers and sellers. ShopSe founding team has been in this space for a long time and saw the need for a much better EMI solution for the market. The team has built a digital platform with the largest credit-approved customer base in India and being used by 10,000+ retail points today.
ShopSe has been receiving amazing feedback from both customers and retailers and the team is excited about reimagining affordability at point of purchase.
The amount raised will enable ShopSe to add great talent, expand market reach to serve the growing demand for their platform and accelerate product development. The team plans to be present at 200,000+ retail points in 12 months.
ShopSe has been founded by Pallav Jain, Abhishek Nimonkar and Yagnesh Desai who had worked together in PayU before this.
Pallav Jain, Co-founder & CEO, ShopSe said, “Our team is passionate about solving for affordability with convenience and providing a much better experience through ShopSe Instant EMI. 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.
On behalf of the team, we are grateful to our Bank and NBFC partners, retail partners and customers who placed their trust in us and have been our best brand ambassadors. We are happy to welcome
Chiratae, BEENEXT and other investors to ShopSe family and really energized by their belief in our mission.”
TCM Sundaram, Founder & Managing Director, Chiratae Ventures said, “ShopSe is revolutionizing Point of Sale lending by bringing together the consumers need 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.”
Hero Choudhary, Managing Partner, BEENEXT said, "BEENEXT is excited to partner with ShopSe in bringing next-generation digital EMI solution (BNPL) at retail point of sale. The founding team has 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.”