ShopSe, a Buy now pay later (BNPL) fintech startup has raised $6.1 million as a part of its Series A funding round from Chiratae Ventures, BEENEXT, White Venture Capital.
With the funding, the startup wants to take its service to 150,000 more retailers and increase the involvement of the lender. It also wants to invest in building a quality team, and further enhance the platform capabilities.
The Mumbai-based ShopSe was founded in 2020 by former PayU employees Pallav Jain, Abhishek Nimonkar and Yagnesh Desai.
Its BNPL Marketplace offers customizable credit solutions instantly at the time of purchase.
It brings together lenders and retailers to offer EMI solutions to customers in the online and offline space.
The fintech startup offers credit solutions at the time of purchase without any documentation, instead of checking creditworthiness digitally.
“With the help of our lending partners, we have been able to bring change for 35,000 retailers serving customers in 500+ locations across the country. We are committed to solving for convenient affordability at point of purchase by working with our partners to build the right digital offerings for the market”, said, Pallav Jain, co-founder and CEO of ShopSe.
The company claims to have over 120 brands including Voltas, Asus, Whirlpool, Bluestar, Daikin, Realme and a presence of over 35,000 retailers across the country.
Some of it has banking or non-banking financial company (NBFC) partners which include HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank and IIFL.
“We are constantly looking for changemakers in the fintech landscape. ShopSe’s accelerating product innovation, expanding footprint and excellent customer feedback has strengthened our conviction about their vision of making shopping affordable for everyday purchase”, said, Hero Choudhary, managing partner of BEENEXT.
The fintech platform is trying to break into the market by moving forward with a different model.
The Buy Now Pay Later (BNPL) space in India is dominated by Simple, ZestMoney, MobiKwik as well as other play startups including Amazon Pay, Ola Postpaid.
In April 2021, ShopSe had raised 5.5 million in funding round from Chiratae Ventures and BeeNext.
ShopSe is solving for affordability for consumers at point of purchase. Retailers across India are providing the benefit of ShopSe’s instant EMI solution with best-in-class experience to their customers. ShopSe is a digital partner for leading financial institutions (Banks, NBFCs) of India.