Clues Network Pvt Ltd which operates the horizontal e-commerce marketplace ShopClues.com has raised $4 million in Series A funding from an undisclosed investor, reports TechCircle.in. The report states that the company had raised this funding in January 2012, but it was disclosed only now. Prior to this, it had raised angel funding of over $2 million from International angel investors, as indicated by a separate TechCircle report.
The company plans to use the funds raised to improve its product catalogue and expand its operations to more cities in the country. It also plans to set up five more fulfillment centres across the country, thus increasing its total fulfillment centres to seven.
Launched in December 2011, ShopClues.com is a fully managed e-commerce marketplace. It claims to be India’s first and the largest fully managed marketplace in the country. While ShopClues doesn’t have any inventory of its own, it allows merchants, brand owners and authorized dealers to showcase their product catalogue to prospective buyers, while taking care of the marketing, payment and the product fulfillment processes. According the company’s website, it claims to offer over 20,000 products from over 250 global brands and over 200 online stores from leading brands/retailers and ship products to 4,800
The company also claims to generate 2,500 transactions every day with an average ticket size of Rs 900 and recorded Rs 12 crore in gross sales since launch. It hopes to touch Rs 100 crore in gross sales by December 2012, as indicated by the report.
Similar Developments: In June 2012, eBay India had introduced a new initiative called ‘Powership’ which enabled sellers on eBay to make use of a eBay-powered shipping service to deliver their products to buyers. Through this initiative, the company offered two different modes of delivery – Air mode for quicker delivery of items and Surface mode for larger and high volume shipments. It had also tied up with logistic service providers such as FedEx, BlueDart, DTDC and Aramex for this initiative, and with BlueDart and Aramex to enable Cash on Delivery on these deliveries. eBay India claimed that Powership program will allow sellers to ship to over 10,000 plus locations across 2500 cities and towns in India.
Prior to this, eBay India had tied up with popular offline brands and retailers to bring them onboard and become a facilitator for their online sales. The company had signed up offline merchants like Fabindia, Bata, Catwalk and Hidesign through this initiative and had hoped to triple its sales figures in the lifestyle segment.