Shopholix raises Rs. 1.5 crore, to use funds on expansion

Indian fashion and lifestyle firm Shopholix has raised Rs 1.5 crore ($232,830) in a pre-series A round funding with veteran investor Munesh Khanna leading the funding in the couponing platform.

The shopping platform which helps connect consumers to retailers with the help of an app will use the raised funds majorly to expand its physical presence in the country. The company will also invest in technology to enhance its product offerings to consumers and expand its partner network by the end of the current financial year.
Along with national expansion in metros and tier I cities, Shopholix long term goal is to move into global markets like Dubai, Bangkok, Abu Dhabi, Singapore, and Hong Kong.
The company also expects its user base to touch 1 million over the next 4 years and eyes profitibilty around the same time.
"The common entrepreneurial vision shared by the entire team of Shopholix is scalability, both of the product, as well as operations,"  said co-founder Shopholix, Abhinav Midha in a statement. "Hence, it became imperative for us to seek strategic investors who can not only bring their knowledge of growing businesses on board, but also help us with their wide network in the industry. Mr. Khanna, as an experienced professional and investor, brings with him these very credentials, and we are extremely delighted to have him on board as a mentor to the company."
Munesh Khanna added: "Shopholix has grown exponentially thanks to its innovative business model and by leveraging digital tools and technologies for offline retailers. Moreover, by tapping into a largely unexplored segment like offline retail with its focused digital marketing solutions, the start-up is well on its way to becoming a market leader in the segment. I'm confident of its growth trajectory and pleased at the opportunity to offer my assistance and insights to its talented leadership team."
Shopholix was founded by Hemant Upadhyay, Abhinav Midha, and Chinmay Bhatt. It offers customers deals in over 2000 retail outlets on fashion and lifestyle brands.

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