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ShopX raises USD 35 Mn investment from Fung Strategic Holdings

Business Finance


B2B eCommerce company ShopX on Tuesday announced raising funds worth USD 35 million in a new round of funding from Fung Strategic Holdings Limited (FSH).

The Bangalore based eCommerce company, connects brands and suppliers with small merchants and consumers through a digitally managed retail platform.

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

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

Backed by Nandan Nilekani, leading entrepreneur and investor, ShopX 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 technology-led culture. 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 Founder Amit Sharma.

"The ShopX model provides small retailers the same cutting-edge technology and supply chain solutions that any established ecommerce 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 Fung Group into ShopX, and look forward to expanding the platform with their investment and strategic synergies," said Nandan Nilekani.

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

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

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