E-commerce company ShopX, run by 10i Commerce Services, has raised funding of $35 million from Fung Strategic Holdings to support its expansion plans, Inc42 reports. The Hong Kong-based Fung Group is engaged in supply chain business for consumer goods including sourcing, logistics, distribution and retail.
The company will use the fresh funding to strengthen its product and engineering teams along with its FMCG offerings and credit services, according to the Inc42 report. We reached out to the company for more information but did not hear back at the time of publishing the post.
Started in May 2015, Bangalore-based ShopX enables offline retailers and smaller shop owners to sell online using its e-commerce platform. The startup helps retailers with digital services as well as physical services. It helps small shop owners and other retailers to build their own customized online storefront. Sellers access the platform with in-app mobile phone/DTH recharges, listing and categorization of products, creation of custom deals and offers, and other utility apps for download within the app. Products listed by these sellers will be displayed on an app for consumers. They can place an order within the app for home delivery from nearby stores. It also allows sellers/retailers to see an on-demand dashboard for real-time transaction monitoring, order performance or status, route planning for delivery, and first-mile to last mile logistics management. The company provides credit options to potential retailers through ShopX Suvidha.
It claims to have 45,000 retailers in 280 towns across India, and does 50,000 transactions per day with a customer base of 8 million users.
Previously, Infosys co-founder and ex-chairman of UIDAI Nandan Nilekani had infused Rs 13 crore into the company in April.
Note that, Indian government allowed 100% FDI in B2B sector in 2012 with some restrictions. Following the policy change, several startups were setup in India within the B2B space, which saw active investments from both individual investors and venture capitalists. In this space there are B2B marketplaces like Udaan, which bring wholesalers, retailers, and traders on the platform, and also provide services for transactions like payments integration, and a logistics services. Some of the other competitions are companies like Moglix, Industrybuying, OfBusiness, Power2SME, Tolexo by IndiaMart etc.
IndiaMart is also preparing for its Initial Public Offering (IPO), and is looking to raise close to Rs 600 crore through offering 4,288,801 equity shares of Rs 10 each, along with its promoters and investors selling a portion of their stakes in the issue. (Read more: Lowdown: B2B marketplace IndiaMART looking to raise Rs 600cr from IPO)
Also, while not directly, but ShopX it competes with the giants like Amazon, Flipkart and now Paytm also with its Paytm mall in the country.