Assisted e-commerce platform for small retailers ShopX has raised Rs 10.68 crore from three individuals including its existing investor Fung Capital’s managing director, his wife and former Chairman of Crompton Greaves.
The new financing round has come for the company after 20 months. It had raised $35 million from Fung Group’s investment arm, FSX Pte. Ltd – Li & Fung in August 2018.
According to fresh regulatory filings, the Bengaluru-based venture has allotted 8,778 equity shares at a price of Rs 12,161 per share to raise the aforementioned sum. Rajesh Ranavat (Fung capital’s MD) invested Rs 7.11 crore and was allotted 5,852 equity shares in personal capacity jointly with his Wife Sandhya Ranavat.
Rajesh also sits on ShopX’s board of directors.
Former Chairman Crompton Greaves Kewal Nohria also picked up 2,926 equity shares for Rs 3.56 crore in ShopX. Nohria is the father of present Havard Business School’s Dean Nitin Nohria.
Significantly, during the last funding round the price per shares of ShopX was Rs 22,127.7, which has been reduced by around 45% to only Rs 12,161 in the new financing. As of now, the firm has secured over $54 million in total risk capital.
ShopX is a B2B e-commerce platform that weeds out the challenges pertaining to sales and inventory management for small retailers in tier II and III cities and Bharat. It also launched a full-stack app SupplyX which let brands, wholesalers, retailers and distributors to track their sales and inventory.
The company recently claimed to achieve an annual gross merchandise value of $900 million as of December 2019 and achieve profitability on the unit economics level. ShopX also acquihired omnichannel mobile phone retail brand GabbarDeals in February 2019 and rebranded as ShopX Edge.
Veteran IT entrepreneur Nandan Nilekani invested about $18 million in ShopX. The company competes with Udaan, ShopKirana, Jio Mart, Flipkart and Amazon among others.
