Chiratae Ventures and Beenext lead financing for ShopSe digital lender

ShopSe, which partners with lenders and retailers to provide EMI options to customers at the time of purchase, has raised $ 5.5 million (40 crore rupees) under the guidance of phase venture capital funds startups Chiratae Ventures and Beenext.

The cycle also saw participation from Pentathlon Ventures, Opus and existing angel investor Abhishant Pant from Yatra Angel Network.

The startup will use the funding to hire more professionals, expand market reach, and accelerate product development. ShopSe expects to be present at more than two lakh points over the next 12 months.

The company was founded in February last year by former PayU employees Pallav Jain, Abhishek Nimonkar and Yagnesh Desai.

ShopSe claims to have extended its services to more than 10,000 points of sale.

The fintech segment, especially digital payments and loans, has grown stronger than ever after the coronavirus outbreak.

In August of last year, Avail Finance, a digital lender looking to provide unsecured personal loans, has lifted his round of series B led by New York-based Falcon Edge Capital and joined by existing backer Matrix Partners.

In April of last year, the Bengaluru-based digital lender Capital Float raised $ 15 million existing investors, including global tech giant Amazon, Sequoia Capital, Ribbit Capital and SAIF Partners.

In March last year, microcredit-focused SmartCoin Financials raised $ 7 million (Rs 51.7 crore) in a round led by LGT Lightstone Aspada, the impact investing arm of LGT Lightstone oriented to India.

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