ShopX Raises $35 Million From Fung Group
An ecommerce startup, ShopX has raised an amount of $35 million in the fresh funding round which is led one of the leading investor of India by the Fung Strategic Holdings limited.
The company is going to use this money for expanding to lakhs of merchants, technology, building new offerings and strengthening its product etc.
“We are keen on building a globally transformative company out of India, and one with a deep product and technology-led culture. We could not have asked for more in an early stage investor. As we plan for hyper-growth, we are extremely excited to have a global supply chain leader like the Fung Group as our strategic investor. We expect deep synergies in the areas of supply chain orchestration, global sourcing, introduction to new brands and overall retail distribution,” said Amit Sharma, CEO and co-founder of ShopX.
According to the executive director of Fung Strategic Holdings, it says that ShopX has a huge opportunity to transform India’s current retail landscape and be a huge pioneer in terms of creating the future of what is possible for the retail ecosystem in the entire India starting from the consumer to the retailer, supplier and brand. We are really happy and proud to be a strategic partner and we are also excited for the potential growth ahead.
The model of ShopX is working on a providing services to a small retailers with the help of a cutiing edge technology and supply chain methods with which any of the retailer can access too. As of now the company ShopX has been working on building the scalable and sound business principles with the platforms like capital efficiency, thinking and a sustainable growth model.
The Startup, ShopX was founded by the IITian’s Amit Sharma and Apoorva Jois in the year 2015. It is a technology startup which is using the process of digital commerce to make the products, services and content make available to all.