India’s first fashion and lifestyle couponing platform for brick and mortar stores Shopholix has raised Rs. 1.5 crore in a Pre-Series A round of funding led by Munesh Khanna. The funding round also saw participation from other individual investors in India and abroad.
Shopholix will use the raised capital to expand its geographical reach, enhance the product, strengthen its partner network and organise overall operations by March 2018.
Founded in 2015 by Hemant Upadhyay, Abhinav Midha, and Chinmay Bhatt, Shopholix connects users with brick-and-mortar fashion and lifestyle retail stores through its app. It offers customers coupons which they can redeem for discounts at over 2,000 retail outlets listed on Shopholix’s platform.
“The common entrepreneurial vision shared by the entire team of Shopholix is scalability, both of the product, as well as operations. Hence, it became imperative for us to seek strategic investors who can not only bring their knowledge of growing businesses on board, but also help us with their wide network in the industry,” said Abhinav Midha, Co-Founder, Shopholix to ET.
Besides pricing, the platform provides information about the outlets such as store description, pictures, reviews, ratings, parking info, exchange policy and running offers to help shoppers plan better. The startup is currently operational only in Mumbai.
Shopholix plans to bring on board 10 lakh total users, and achieve profitability with a valuation of Rs. 100 crores by 2022.
The company intends to expand its presence across Indian metros and Tier-1 cities, along with major global shopping destinations such as Dubai, Bangkok, Abu Dhabi, Singapore, and Hong Kong.
Of late, Paytm acquired deal platforms Nearbuy and Little together for an undisclosed amount. The payment major said that it had arranged a merger of both companies and picked up a majority stake in the combined entity.