[Funding alert] Instant EMI platform ShopSe raises $6.1M from BEENEXT, Chiratae Ventures and White Venture Capital
ShopSe, a fintech platform offering instant EMI, has raised $6.1 million as part of Series A funding from investors, including BEENEXT, Chiratae Ventures, and White Venture Capital. The latest round follows the $5.5 million seed round it raised in April 2021.
The Mumbai-based startup will use the funds to accelerate its services to 150,000 more retailers, grow its team and lender partnerships, and further enhance platform capabilities, according to a company release.
ShopSe was founded in 2020 by former PayU employees Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai. It offers a pay-later marketplace, by partnering with retailers and lenders and enabling instant credit at the point of purchase.
“We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback have strengthened our conviction about their vision of making shopping affordable for everyday purchase,” Hero Choudhary, Managing Partner of BEENEXT said in a release.
Through its partnership with lenders including HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, and IIFL, ShopSe has added 35,000 retailers as its partners. It has grown to add over 120 brand partners including Voltas, Asus, Whirlpool, Bluestar, Daikin, and Realme, and is present in 500 locations.
“Our team is passionate about making affordability more convenient, accessible and transparent. We are committed to solving for convenient affordability at the point of purchase by working with our partners to build the right digital offerings for the market,” Pallav, co-founder and CEO of ShopSe, said.
Since the last fundraising, its team has grown to over 300 members.