ShopSe, the no-cost EMI digital platform, has reportedly secured a funding of USD 6.1 million in Series A funding round from investors like Chiratae Ventures, BEENEXT, and White Venture Capital.
The funding round will allow ShopSe to fast-track serviceability to a further 150,000 retailers, grow lender partnerships to build a top-quality team and further improve platform abilities to allow over 45 million Indian customers with convenient affordability.
The round comes a year after securing a funding of USD 5.5 million in the seed round.
Notably, the pay-later marketplace of ShopSe has taken away the taxing process of documentation and allows real-time credit eligibility. This makes it the largest fintech platform in India to offer instant personalized credit solutions at the purchase point.
Founded two years ago, ShopSe has developed a digital affordability platform between lenders and retailers to provide customers with the most convenient EMI solutions in the offline and online space.
Pallav Jain, CEO, and Co-Founder of ShopSe stated that the company is transforming 35,000 retailers serving customers in more than 500 locations across India with the help of its lending partners.
Jain added that ShopSe is focused on providing the solution for convenient affordability at the purchase point by collaborating with its partners to develop digital offerings suitable for the market.
Furthermore, Managing Partner of BEENEXT, Hero Choudhary cited that the company seeks pioneers in the fintech industry.
ShopSe’s expanding footprint, accelerating product innovation, and impressive customer feedback have reinforced BEENEXT’s vision of providing affordable shopping for daily purchases, added Choudhary.
In other news, Asia’s largest SME Open Financial Technologies Private Ltd and NBFC company IIFL Finance Ltd have reportedly established a joint venture to unveil the first neobank in India. This bank will cater to the credit and banking requirements of MSMEs (Micro and Small Enterprises).