Shopse raises Rs 40 cr from in funding led by Chiratae Ventures, Beenext

New Delhi, Apr 7:Fintech startup Shopse on Wednesday said it has raised Rs 40 crore in a funding round led by Chiratae Ventures and Beenext.
The funding round also witnessed participation from Pentathlon Ventures, Opus and existing angel investor Abhishant Pant of Yatra Angel Network, the company said in a statement.
“The amount raised will enable Shopse to add great talent, expand market reach to serve the growing demand for their platform and accelerate product development. The team plans to be present at over 2 lakh retail points in 12 months,” it added.
The startup provides instant EMI or pay-later service, which it claims is being used by over 10,000 retail points today.
Shopse was founded by Pallav Jain, Abhishek Nimonkar and Yagnesh Desai, who had worked together in PayU before.
“We are delighted that leading Banks and NBFCs of India also agree with our view and have chosen to partner with us. We are happy to welcome Chiratae, Beenext and other investors to Shopse family and are really energised by their belief in our mission,” Shopse co-founder and CEO Pallav Jain said.
Chiratae Ventures founder and MD TCM Sundaram said Shopse is revolutionising point of sale lending by bringing together the consumers’ needs and the lenders at the time of purchase, which helps the retailer close a sale.
“We look forward to Shopse help drive India’s consumption growth in the years to come,” Sundaram added. (PTI)