E-com marketplace ShopClues raises $100mn led by Tiger Global
By Ishita Ayan Dutt & Avishek Rakshit |Kolkata| Business Standards | Vjmedia Works | January 20, 2015
Shopclues claims to have close to 10 million monthly visitors and over 3,50,000 monthly transactions
According to reports, this deal values the company at $350 million. For the year ended March 31, 2014, it earned revenue of around Rs 30 crore with net loss of Rs 38 crore
The company had earlier raised $10 million in Series B round in March 2013 and venture funding of $5 million from Helion Venture Partners, Nexus Partners and Beenos.
The Gurgaon-based start-up was founded by former Wall Street tech analyst Sandeep Aggarwal and former eBay executive Sanjay Sethi in July 2011.
Shopclues is claimed to have close to 10 million monthly visitors and over 3,50,000 monthly transactions. ShopClues also has merchants base with more than 95,000 sellers and over 5.2 million SKUs (Stock Keeping Units). ShopClues works on a zero-inventory marketplace model, where product catalogues are displayed.
Tiger Global is one among the largest investors in India with investments in country's top e-commerce firm Flipkart, online fashion apparel and accessories retailer Myntra (merged with Flipkart), Commonfloor, Olacabs, Caratlane, Freshdesk, Babyoye, Zovi, Just Dial, MakeMyTrip and gaming site Rummy Circle.
Last year, Tiger Global led a $60-million investment into online classified website Quikr and a $65 million investment in messaging app Hike.