Newbazaar Technologies, which runs the fintech platform ShopSe, has raised Series A funding of $6.1 million from BeeNext, Chiratae Ventures and White Venture Capital.

As per the startup, the fresh capital will be used towards adding 150,000 more retailers to its portfolio this year. Additionally, part of the fund will be used to grow lender partnerships and further enhance platform capabilities to enable over 45 million Indian consumers with convenient affordability. 

ShopSe | Instant EMI Platform

Started by Yagnesh Desai, Pallav Jain and Abhishek Nimonkar, ShopSe is an instant EMI platform that lets people pay in easy and no cost installments at the point of purchase. The fintech platform provides instant digital credit solutions to consumers by digitally examining real-time credit eligibility.  

Speaking about the development, Pallav Jain, Co-founder of ShopSe, said,

“The penetration of consumer affordability at point of purchase is barely 5% as of now. Our focus will be to utilize technology and work with our lending partners to build more convenient and transparent products which retailers and consumers desperately need today.”

ShopSe’s team has grown from 10 to over 300 team members since the previous funding round, and at present, ShopSe is hiring and planning to build a top-quality team. 

As per Pallav, ShopSe is working on a mechanism that taps a large customer base, and they have already partnered with financial institutions like ICICI Bank, Kotak Bank, HDFC Bank, Axis Bank and IIFL. With the help of its lending partners, the startup has been able to bring change for 35,000 retailers serving customers in more than 500 locations across the country, Pallav added.

In 2021, ShopSe raised $5.5 million in a funding round led by early-stage venture capital funds Chiratae Ventures and Beenext. 

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