Nandan Nilekani-backed ShopX shuts shop, files for bankruptcy

As funding and startup winter sets in another company is frozen out, ShopX. Backed by Nandan Nilekani and Fung Investment this kirana connect e-commerce platform has filed for bankruptcy.

Since the business model has not succeeded, it has not been able to generate enough cash flow from operations or raise new capital and is therefore unable to meet its various payment obligations and has ceased to be a going concern,” according to the regulatory filings.

Entrackr reports Nilekani alone invested $18 million in the company which has raised more than $56 million since its inception.

Founded in 2015 by Amit Sharma and Apoorva Jois ShopX started as a platform that enabled local kirana stores and small retailers to manage transactions on a single platform. It then went onto offer an assisted e-commerce solution which included sourcing, supply chain and credit line for five years.

This model clearly did not work as the startup laid off half its employees within the last one year.

Read More:- Nasscom Tech & Leadership Forum 2022: Cut the clutter with Nandan Nilekani