E-commerce form ShopX has raised funding of $35 million from Fung Strategic Holdings, with an aim to support its expansion plan. The company will also use the fresh funding to strengthen its product and engineering teams along with its FMCG offerings and credit services.
The Hong Kong-based Fung Group is engaged in supply chain business for consumer goods including sourcing, logistics, distribution and retail.
Amit Sharma, co-founder of ShopX, said, “We are keen on building a globally transformative company out of India, and one with a deep product and technology-led culture. As we plan for hyper-growth, we are extremely excited to have a global supply chain leader like the Fung Group as our strategic investor. We expect deep synergies in the areas of supply chain orchestration, global sourcing, introduction to new brands and overall retail distribution.”
Rajesh Ranavat, executive director of Fung Strategic Holdings, said, “ShopX has a huge opportunity to transform India’s current retail landscape and be a real pioneer in terms of creating the future of what’s possible for the retail ecosystem in India from the consumer to the supplier, retailer or brand. We’re proud to be their strategic partner and we’re very excited at the potential growth ahead.”
Started in May 2015, Bangalore-based ShopX enables offline retailers and smaller shop owners to sell online using its e-commerce platform. The startup helps retailers with digital services as well as physical services. It helps small shop owners and other retailers to build their own customized online storefront.
The startup claims to have 45,000 retailers in 280 towns across India, and does 50,000 transactions per day with a customer base of 8 million users. Previously, Infosys co-founder and ex-chairman of UIDAI Nandan Nilekani had infused Rs 13 crore into the company.
In June, the company had launched its supply chain delivery model aiming to deliver products within 24-72 hours in Tier I to Tier IV markets. It provides GPS tracking and instant track-and-trace of shipments, as well as a real-time resolution of issues.
Within just 24 months of its launch, the company claims to have empowered 50K small retailers in 300 towns across 10 states in the south and west India. It claims to be carrying out more than 50K digital and physical transactions per day and serving more than 6.8 million customers.