Hong Kong-based Fung Strategic Holdings has invested US$35 million in ShopX, a B2B e-commerce startup based in India. ShopX will use the money to add new small merchant clients, strengthen its product and technology, and build new offerings covering multiple product verticals. The startup had previously raised $10 million in funding from some well-known names like Infosys Co-founder and former UIDAI chairman Nandan Nilekani.
Founded in 2015 by Amit Sharma and Apoorva Jois, ShopX connects brands and suppliers with small merchants and consumers through a digitally managed retail platform. It enables small merchants (and their customers) to purchase various products and services from manufacturers/brands.
The company works closely with retailers and traders to digitally enable them. It partners strategically with leading brands and manufacturers to digitise their value chains and distribution systems. It covers 50,000 retailers across 300 towns and conducts over Rs 500 cr ($72.7 million) in annualised transaction volume.