Bengaluru-based assisted ecommerce startup ShopX, run by 10I Commerce Services, has raised $2 Mn (INR 13 Cr) in funding from strategic investor Nandan Nilekani.
The development was first reported by paper.vc, stating a transfer of 2106 preference shares (at a premium of INR 34,561/- per share) on January 31, 2018 and 1,644 preference shares (at a premium of INR 34,561/- per share) on March 26, 2018.
In an email interaction with Inc42, Amit Sharma, the co-founder of ShopX stated, “Nandan Nilekani is one of our key investors and mentors at SHOPX. Since his first investment in April 2015, he has been backing the startup with a steady infusion of funds in tranches as well as strategic mentorship. The Funding of Rs. 13 crores is part of an existing investment structure and not a fresh round of investment as per the recent speculative reports.”
He further added, “In 2018, our focus remains on deep execution and we continue to build out the omnichannel/digital offline industry as the leader in this space.” – Amit Sharma, Co-founder and CEO, SHOPX.”
ShopX has so far raised a total of $18.6 Mn (INR 122 Cr) out of which Nandan Nilekani’s contribution has been almost all of it. His first investment of $458K (INR 3 Cr) in ShopX was as early as April 2015. The startup last raised funding from Nandan Nilekani in 2016 in two tranches. This included an undisclosed amount of funding in June 2016 and $5 Mn funding in December 2016.
In July 2017 Nandan Nilekani announced that he will not invest in new startups and will continue investing in his current investments as an angel. He also launched a $100 Mn VC fund Fundamentum along with Sanjeev Aggarwal to invest into startups.