ShopX hires Ex-Amazon Executive and looks to raise $20 Million from PE funds

By Shariq Hussain

Posted on April 18, 2017

10i Commerce Services Pvt. Ltd, which runs the ShopX has now appointed Kriti Varun, Ex-Amazon Executive to head ShopX’s Product Management function.

For his new role, Mr.Varun is appointed as the Vice President of Product Management and will be part of the leadership team and will be working closely with the ShopX co-founders Amit Sharma (CEO) and Apoorva Jois (COO).

Commenting on his new role, Varun Kriti said: “Building a scalable and viable business to tap into this opportunity requires significant innovation across every aspect of the business model ranging from front-end shopping experience to back-end supply chain and logistics. ShopX is innovating rapidly to build a viable business in this space, and I’m excited to join them in this journey.”

Earlier, Varun Kirti worked as Principal Product Manager for Amazon India. Where, he was responsible for building India-specific product innovations to improve key customer inputs such as Pricing, Inventory, Affordability and Selection. Before that, he was senior engagement manager with McKinsey & Company, where he played an important role in building the consultancy’s digital banking practice and has also worked with ITC in the past.

On hiring Mr.Varun, ShopX CEO Amit Sharma, said: “Kirti brings together rich general management and product management experience, and will play a pivotal role in executing ShopX’s mission of making commerce accessible to everyone. This is an exciting time for ShopX as we are scaling up our retailer base rapidly with a sharp focus on unit economics and profitability. With our digital offline model, we have been able to offer a wide range of products across categories through our 45,000 plus retailer network.”

Raising Funds from PE:

According to a report in The Hindu Business Line, ShopX is all set to raise $20 Million from PE Funds and expecting at least to offload 20 % stake in PE funds.

The new funds will be utilised to upgrade technology and enter new markets in North and East India with a target to reach 10 lakh retailers in the next three years.

In December last year, Infosys co-founder Nandan Nilekani invested another $5 million (Rs 33.9 crore then) in the startup. The former UIDAI chairman had earlier invested $5 million in ShopX. Read more about Indian Startup Ecosystem.

ShopX hires Ex-Amazon Executive and looks to raise $20 Million from PE funds