ShopX raises USD 35 Mn investment from Fung Strategic Holdings


New Delhi ,aug 07:
worth USD 35 million in a new round of funding from Fung Strategic Holdings Limited (FSH).
The Bangalore based eCommerce”>eCommerce company, connects brands and suppliers with small merchants and consumers through a digitally managed retail platform.
It enables small merchants (and their customers) to purchase various products and services from Venture Catalysts investors participating in the round are Kundan Deotale, Vikas Kapoor, Yogesh Choudhary, Arun Tyagi and many more. PrimeOS is backed by a prominent leadership team and its products are poised to change the way digital education is consumed with a vision of enhancing the learning outcome of students via millions of Android applications.
ShopX is transforming small local merchants into economic digital hubs powered by an integrated technology platform.
Backed by Nandan Nilekani, leading entrepreneur and investor, ShopX in its initial days received personal investment of more than USD 18 million in addition to providing business mentorship to ShopX founders.The key verticals that PrimeOS is targetting include ed-tech and consumer electronics. Besides brining about a paradigm shift in the productivity of students using digital education tools, its business model is built on licensing PrimeOS to laptop manufacturers.
“We are keen on building a globally transformative company out of India, and one with a deep product and technology-led culture. Having the right investors in an ambitious venture like ShopX is paramount. Nandan has helped us not only with capital but also significantly enhanced our vision with his strategic guidance and helped instill sound operating values,” said Founder Amit Sharma.”The ShopX model provides small retailers the same cutting-edge technology and supply chain solutions that any established ecommerce or organized retailer has access to. It has been built on scalable and sound business principles like platform thinking, capital efficiency and a sustainable growth model.
We are very excited to welcome the Fung Group into ShopX, and look forward to expanding the platform with their investment and strategic synergies,” said Nandan Nilekani.Following this funding round, ShopX plans to expand to lakhs of small merchants, strengthen its product and technology and build new offerings covering multiple product verticals.


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