B2B Startup ShopX Secures $35 Million to Boost Expansion
B2B firm ShopX has reportedly raised an amount of $35 million in a fresh funding round from Fung Strategic Holdings. The primary purpose of this funding is to fuel the company’s expansion plans.
The funds so raised are being planned to use in the strengthening of ShopX’s products and engineering teams. Along with this, the company also plans to strengthen its FMCG offerings and credit services.
“We believe that credit is a game-changer in this industry,” said Amit Sharma, co-founder of ShopX. “While we will not be providing credit directly, we will do so through NBFCs and invest heavily in this vertical,” he added.
Prior to this funding round, ShopX has secured funds of over $18 million from its early investor, Nandan Nilekani. Amit Sharma also stated that the company has also partner...