ShopX, LoanTap Launches Credit Services For Small Retailers

ShopX, LoanTap Launches Credit Services For Small Retailers

SUMMARY

ShopX Suvidhan offers quick loans to retailers ranging from INR 25K to 5 Lakh

At present, the credit service is available to 1 Lakh small retailers across 16 cities

ShopX business model has the potential to be around 20% of the $1.5 Tn consumption space by 2025

In a bid to help retailers get easy loans, Bengaluru-based B2B ecommerce startup ShopX, on Wednesday (February 12), announced the launch of ShopX Suvidha in collaboration with Pune-based digital lending company LoanTap Financial Technologies. ShopX Suvidha offers quick loans to businesses ranging from INR 25K to 5 Lakh.

With this, retailers will now have easy access to credit, along with flexible and one-tap repayment options. At the same time, the company’s data platform helps in assessing the risks, creditworthiness and market valuation of these retailers affiliated to the ShopX network. Currently, the credit service is available to one lakh small retailers across 16 cities across India.

Through this partnership, LoanTap plans to bring a seamless experience for retailers so that they are able to avail loans quickly at friendly and flexible terms.

Amit Sharma, cofounder and CEO of ShopX, in a press statement, said that kirana stores constitute a large portion of unorganised retail, and the digital model of commerce will facilitate financial inclusion and cashless transaction in the 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, particularly the kirana stores in Tier 2 and Tier 3 cities. As a business aggregation platform, the company looks to enable both, B2B and B2B2C commerce and credit, backed by scalable and sustainable business model and technology capabilities. It is on a mission to build India centric infrastructure for commerce for the ‘next 400 Mn’ people.

The company is backed by Nandan Nilekani and Fung Strategic Holdings. Till date, the company has raised 57.3 Mn of funds. ShopX believes that the next wave of growth and expansion for digital retail in India will not be fuelled by traditional ecommerce model, but a new ‘digital offline’ model.

According to an IBEF report, the Indian ecommerce market is expected to grow to $200 Bn by 2026 from 38.5 Bn as of 2017. The report further stated that the ongoing digital transformation in the country is expected to increase India’s total user base to 829 Mn by 2021. ShopX claims that its business model has the potential to be around 20% of the $1.5 Tn consumption space by 2025.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

ShopX, LoanTap Launches Credit Services For Small Retailers-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

ShopX, LoanTap Launches Credit Services For Small Retailers-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

ShopX, LoanTap Launches Credit Services For Small Retailers-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

ShopX, LoanTap Launches Credit Services For Small Retailers-Inc42 Media
ShopX, LoanTap Launches Credit Services For Small Retailers-Inc42 Media
You’re in Good company