Nandan Nilekani-backed ShopX sees $1 billion GMV this fiscal, Retail News, ET Retail

PUNE: Nandan Nilekani-backed retail network company ShopX said it would cross $1 billion in annualised gross merchandise value (GMV) by the end of the current fiscal year, making it the first company operating in this segment to do so.

ShopX works with small retailers to help digitise their operations.

Amit Sharma, CEO, ShopX told ET that the company was currently working with 1,80,000 stores and would aim to work with more than 1 million stores by 2021.

“We have been growing in double digits month-on-month and this will continue. Our goal is to get to $5 billion scale over the next four years, with the focus being on profitable growth,” said Sharma.

The company has grown its GMV by 3.2 times since January 2019, reporting an annualised GMV of $900 million in December 2019.

ShopX currently operates across 460 towns, processing about 20,000 transactions daily. The company enables merchants and small retailers to connect with brands through its platform, bringing down their supply chain costs by 40-60%, he said. It also provides digital payment options and a loyalty programme to retailers.

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