ShopSe, which partners lenders and retailers to provide EMI options to customers at the point of purchase, has raised $5.5 million (Rs 40 crore) in funding led by early-stage venture capital funds Chiratae Ventures and Beenext.
The round also saw participation from Pentathlon Ventures, Opus and existing angel investor Abhishant Pant of Yatra Angel Network.
The startup will utilise the funding to hire more professionals, expand market reach and accelerate product development. ShopSe plans to be present at over two lakh points in the next 12 months.
The company was founded in February last year by former PayU employees Pallav Jain, Abhishek Nimonkar, and Yagnesh Desai.
ShopSe claims it has extended services to over 10,000 retail points.
The fintech segment, particularly digital payments and lending, has become stronger than ever after the coronavirus outbreak.
In August last year, Avail Finance, a digital lender that seeks to provide collateral-free personal loans, raised its Series B round led by New York-based Falcon Edge Capital and joined by existing venture backer Matrix Partners.
In April last year, Bengaluru-based digital lender Capital Float raised $15 million from existing investors including global technology giant Amazon, Sequoia Capital, Ribbit Capital and SAIF Partners.
In March last year, microlending-focused SmartCoin Financials raised $7 million (Rs 51.7 crore) in a round led by LGT Lightstone Aspada, the India-oriented impact investment arm of LGT Lightstone.