ShopX Suvidhan offers fast loans to retailers ranging from INR 25K to 5 Lakh
At present, credit service is available for 1 small retailers in Lakh in 16 cities
ShopX’s business model could account for around 20% of the $ 1.5 billion consumer space by 2025
In an effort to help retailers get easy loans, Bengaluru-based B2B e-commerce startup ShopX on Wednesday February 12th announced the launch of ShopX Suvidha in collaboration with digital lending company LoanTap Financial Technologies, based in Pune. ShopX Suvidha offers fast business loans ranging from INR 25K to 5 Lakh.
With this, retailers will now have easy access to credit, as well as flexible, one-click repayment options. At the same time, the company’s data platform helps assess the risk, creditworthiness and market value of these ShopX network affiliated retailers. Currently, credit service is available for a lakh from small retailers in 16 cities across India.
Through this partnership, LoanTap plans to bring a seamless experience to retailers so that they can avail loans quickly on friendly and flexible terms.
Amit Sharma, co-founder and CEO of ShopX, in a press release said that kirana stores constitute a large part of unorganized retail and that the digital model of commerce will facilitate financial inclusion and cashless transactions in the world. country. More importantly, it will make life easier for retailers, he added.
ShopX was launched in 2015 by Amit Sharma and Apoorva Jois. The company helps offline retailers to list their products and services online, especially kirana stores in Tier 2 and 3 cities. As a business aggregation platform, the company seeks to enable commerce and B2B and B2B2C credit, supported by a scalable and sustainable business model and technological capabilities. Its mission is to build an India-centric business infrastructure for the “following 400 million people”.
The company is backed by Nandan Nilekani and Fung Strategic Holdings. Up to this day, the company has raised 57.3 Mn in funds. ShopX believes that the next wave of digital retail growth and expansion in India will not be fueled by the traditional e-commerce model, but by a new “digital offline” model.
According to an IBEF report, India’s e-commerce market is expected to reach $ 200 billion by 2026, up from $ 38.5 billion in 2017. The report further states that the digital transformation underway in the country is expected to boost the country’s total user base. India to 829 million by 2021. ShopX says its business model could account for around 20% of the $ 1.5Tn consumption space by 2025.