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ShopX raises USD 35 Mn investment from Fung Strategic Holdings

ANI  |  New Delhi [India] 

B2B company on Tuesday announced raising funds worth USD 35 million in a new round of funding from (FSH).

The based company, connects brands and suppliers with small merchants and consumers through a digitally managed

It enables small merchants (and their customers) to purchase various products and services from manufacturers/brands.

is transforming small local merchants into economic digital hubs powered by an integrated technology platform.

Backed by Nandan Nilekani, and investor, in its initial days received personal investment of more than USD 18 million in addition to providing mentorship to ShopX founders.

"We are keen on building a globally transformative company out of India, and one with a deep product and Having the right investors in an ambitious venture like ShopX is paramount. Nandan has helped us not only with capital but also significantly enhanced our vision with his strategic guidance and helped instill sound operating values," said

"The ShopX model provides small retailers the same cutting-edge technology and that any established or organized retailer has access to. It has been built on scalable and sound principles like platform thinking, capital efficiency and a sustainable growth model. We are very excited to welcome the into ShopX, and look forward to expanding the platform with their investment and strategic synergies," said

Following this funding round, ShopX plans to expand to lakhs of small merchants, strengthen its product and technology and build new verticals.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 15:20 IST