Nilekani-backed ShopX forays into consumer space with cashback app
When a ShopX user makes a UPI payment at the SuperSaver store, they get direct discount on MRP and 2X reward points for each buy.
Published: 22nd December 2021 11:22 AM | Last Updated: 22nd December 2021 11:22 AM | A+A A-
For representational purposes (Photo | PTI)
BENGALURU: Nandan Nilekani and Fung Group-backed B2B e-commerce company ShopX has forayed into the consumer space with the launch of its savings and cashback app.
“This mobile application is the saving solution for people who visit local markets to buy their daily essentials. Consumers can just scan any UPI code with ShopX at local partner stores and start their savings journey,” Amit Sharma, CEO and Co-founder, ShopX, told TNIE.
When a ShopX user makes a UPI payment at the SuperSaver store, they get direct discount on MRP and 2X reward points for each buy.
The Indian offline retail opportunity currently stands at $800 billion and it has shown significant recovery based on consumer sentiment.
“The D2C (Direct-to-consumer) market will be a $100 billion opportunity by 2025 in India and currently has over 800 brands in the market. This opportunity has seen growth due to e-commerce penetration and change in customer behaviour due to the pandemic. For D2C brands, the ShopX platform allows digital marketing enablement, thereby enabling high intent consumer traffic to be driven along with rich data insights,” Amit Sharma said.
ShopX connects over 2 lakh retailers and operates in more than 500 towns with 1 million transactions per month. The app has seen a growth of 800% with more than 40% of new sign-ups coming through customer referrals. ShopX has raised over $80 million, and is valued at over $300 million.
