ShopX, a Bengaluru-based e-commerce enabler backed by Nandan Nilekani and Fung Investment, has ceased operations and filed for insolvency. The company, which had raised over $54 million and was valued at over $100 million, struggled after pivoting from its core model in mid-2021. This shift, along with the low-margin nature of the industry, made operations unviable. In June 2021, ShopX laid off over 50% of its employees as part of its restructuring. Unable to generate sufficient cash flow or secure new funding since April 2020, the company could not meet its financial obligations, leading to its shutdown in August 2022.
