Bengaluru-based B2B ecommerce startup ShopX has raised Rs 10.67 crore from Rajesh Ranavat, Managing Director of its existing investor and shareholder Fung Group’s investment arm FX Pte Ltd — Li and Fung, and his wife Sandhya Ranavat. The round also saw participation from Kewal Krishnan Nohria, the former Chairman of Crompton Greaves.
According to the startup’s regulatory filings with the Registrar of Companies, a nominal amount of Rs 10 per share was allotted at a total premium amount of Rs 12,151 per share. While the Ranavat couple was allotted 5,852 equity shares combined, Kewal Nohria was allotted 2,926 equity shares.
Today, ShopX also announced the appointment of Nitin Nohria, a George F Baker professor of administration and a Dean of the Faculty at Harvard Business School, on the organisation’s advisory board. Nitin also happens to be the father of Kewal Nohria, the active shareholder in ShopX.
Amit Sharma, Co-founder and CEO of ShopX, said,
“We’re honored and excited to have Dean Nohria associated with ShopX. As we execute on our vision to make digital commerce accessible to the next 400 million people in India through small retailers, Dean Nohria’s experience and wisdom will be invaluable.”
Bengaluru-based ShopX works with brands across FMCG, electronics, and lifestyle sectors and is keen to build a scalable Operating System for retail, to power merchants and customers. Despite being headquartered in a metro, its model has captured a large market of Tier-II and III retail space.
It raised an initial capital for innovation from Nandan Nilekani, who over time has invested about $18 million. Later, $35 million was poured in by Fung Group’s investment arm, FSX Pte Ltd – Li and Fung. In total, ShopX has raised $53 million till date.
ShopX was founded in August 2015 in Bengaluru by Amit Sharma and Apoorva Jois, and employs 240 team members. It is now present in 460 towns, serving a base of close to two lakhs retailers. The CEO Amit says that the startup has been growing in double digits month-on-month, focusing on profitable growth. ShopX reports to have achieved an annual GMV of $900 million as of December 2019, and is planning to cross $1 billion soon.
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