Fashion & lifestyle coupon platform for brick & mortar stores, Shopholix has raised Rs 1.5 crore in a Pre-Series A round of funding. The round was led by veteran investor Munesh Khanna along with other investors from India and abroad.
The startup plans to use raised capital in geographical reach, enhance the product, strengthen its partner network, and organise overall operations by March 2018.
Founded in 2015 by Hemant Upadhyay, Abhinav Midha, and Chinmay Bhatt, Shopholix is a location-based mobile interface that enables shoppers to locate, explore and plan their shopping trips. The company offers offline retailers a unique opportunity to interact with digital shoppers, and leverage the incoming traffic of users on the platform through coupon redemptions, digital payments, and point of sale systems. Moreover, the platform seamlessly integrates with any brand’s retail CRM to help bring existing customers on board to the Shopholix platform, thus enabling them to experience the next level of retail shopping.
Mr. Abhinav Midha, Co-Founder, Shopholix said, “The common entrepreneurial vision shared by the entire team of Shopholix is scalability, both of the product, as well as operations. 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.”
Currently live in Mumbai, Shopholix allows shoppers to discover deals and discounts from around 2,000 local stores, and redeem mCoupons at the retail outlets of popular fashion and lifestyle brands, all on the platform. The company plans to bring on board 10 lakh total users, and achieve profitability with a valuation of INR 100 crores by 2022. It plans to expand its presence across Indian metros and Tier-1 cities, along with major global shopping destinations such as Dubai, Bangkok, Abu Dhabi, Singapore, and Hong Kong.