Fung Strategic invests $35 mn in Indian e-tailer ShopX

Fung Investments is the private investment arm of the families of Dr Victor Fung and Dr. William Fung, the controlling shareholders of the Fung Group. This transaction comes on top of recent Fung Group initiatives and investments in new technologies including a partnership with JD.com, China’s largest retailer, to develop AI-driven retail solutions; and a new innovation lab with Shima Seiki, the Japanese company behind the world’s most advanced computerized flat knitting machines, to conduct specialised materials R&D.

Founded by Amit Sharma and Apoorva Jois in May 2015, ShopX is a technology platform that connects India’s consumers and small merchants with brands and suppliers directly to purchase products and services. ShopX’s primary vision is to digitally transform the 12 million small merchants across India and build an e-commerce platform for ordering, delivery, payments and localised customer support. ShopX aims to be the preeminent e-commerce platform serving more than 12 million small merchants across India, enabling everything from ordering to delivery, payments, localized customer support, and more.

"The ShopX model provides small retailers access to the same cutting-edge technology and supply chain solutions as any established e-commerce or organized retailer. This access provides an onboarding ramp into the formal economy for millions of India’s small retailers and the next 400 million consumers. ShopX 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, an investor of ShopX

"This is one of a series of investments the Fung Group and its companies are making to advance new, disruptive technologies shaping the future of retail and supply chain. ShopX is combining technology and an innovative business model to transform the traditional retail model in India. Given the country's sheer population size and rising consumer spending power, not only do we see tremendous opportunity in India, but also the successful application of this model to other parts of the region," Victor Fung, chairman of Fung Group, said. (RR)

Fibre2Fashion News Desk – India