ShopSe point-of-sale lending platform raises $ 5.5 million for expansion

The tour was led by Chiratae Ventures and BEENEXT with participation from Pentathlon Ventures, Opus and others

ShopSe claims its platform is currently in use in over 10,000 outlets across the country

ShopSe competes with ZestMoney, Pine Labs, LazyPay, Simpl, Slice, KrazyBee among others in this area

Update: Update corrects a business name in Slice

Mumbai-based fintech start-up ShopSe has announced a $ 5.5 million funding round led by Chiratae Ventures and BEENEXT. The round also saw the participation of Pentathlon Ventures, venture capital firm Opus and existing investor Abhishant Pant from Yatra Angel Network.

Founded by former PayU employees, Pallav Jain, Abhishek Nimonkar and Yagnesh Desai, ShopSe offers equivalent monthly installments or point-of-sale (PoS) EMI solutions that add to the multitude of Buy-It-Now (BNPL) models ) in the Indian market. ShopSe said it would leverage fundraising to strengthen its team, fuel expansion and product development.

The company creates a digital platform between retailers and lenders and offers instant digital EMI without any documentation. He says his platform is currently in use in more than 10,000 outlets across the country and aims to grow it to 200,000 outlets over the next 12 months.

Co-Founder and CEO Pallav Jain said, “Our team is passionate about finding affordability with convenience and delivering a much better experience through ShopSe Instant EMI. We are delighted that India’s leading banks and NBFCs also agree with our point of view and have chosen to partner with us. “

The consumer loan segment has seen an increase in the number of fintech startups that have filled the gaps in the digital payments landscape by enabling purchases through point-of-sale monthly payment equivalent (EMI) options, rather than offering direct loans.

FinTech companies such as ZestMoney, Gurugram-based merchant fintech startup Pine Labs, PayU’s LazyPay, ICICI Bank’s Pay Later, Simpl, Slice, KrazyBee, among others, all compete in the field.

With more than 1,263 digital lending startups across the country, more than 147 (12% of the total 1,263) are supported by venture capital funding. The Indian market has experienced a exponential surge in demand for short term loans related to purchases and expenses.

In addition to traditional credit cards, the demand for bagged credit products like BNPL and “payday advances” or payday loans has also increased. The growth of these next generation digital loan products can be attributed to the greater number of people in India who are venturing into formal employment and their growing preference for credit purchases.

Update April 7, 1:09 p.m.

Update: Update corrects a business name in Slice

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