ShopX, Bangalore-based B2B startup initiated in 2015 has recently received a funding of Rs 10.67 crores. The investment came from Rajesh Ranavat, Managing Director of company’s existing investors Fung Group’s investment arm FX Pte Ltd- Li and Fung. Ranavat’s wife, Sandhya Ranavat was also a part of the deal. Kewal Krishna Nohria, former chairman of Crompton Greaves also participated in the funding round. ShopX also announced Nitin Nohria, Dean at Harvard Business School and father of Kewal Nohria on their Board of Advisors.
The shares were amounted at nominal price of Rs. 10 per share and premium price of Rs 12,151 per share according to the company regulatory filings with Registrar of Companies. Sandhya and Rajesh Ranavat were allotted 5,852 equity shares while Nohria was allotted 2,926 equity shares.
ShopX was co-founded by Amit Sharma and Apoorva Jois in 2015 with the idea of enriching lives of retailers, customers and employees. They work with FMCG, lifestyle and electronics sector to build a scalable operating system for retail and help merchants and customer to power. ShopX has captured a wide market in Tier 2 and Tier 3 cities.
ShopX has raised around $53 million from different sets of investors beginning from Nandan Nilekani who backed them with $18 million initially. It was followed by Li and Fung, the investment arm of Fung Group with $ 35 million. The company employs around 240 members with the two co-founders. They have a presence in 460 towns serving 2 lakh retailers. Amit Sharma tells the company has been growing each month and had an annual GMV of $900 million in December 2019 and they plan on hitting $1 billion soon. Things seem to be going right way for the company and hopefully they reach their targets soon.