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ShopClues Raises $10M From Helion Venture Partners, Nexus Partners & Others

Clues Network Pvt Ltd which operates the horizontal e-commerce marketplace ShopClues.com has raised Rs 54 crore ($10 million) from Helion Venture Partners, Nexus Partners and Netprice.com CEO Teruhide Sato, reports The Economic Times. The report states that the company plans to use the funding raised to expand to more cities in India. Prior to this, Shopclues had raised around $15 million across multiple funding rounds, as indicated by the report. This includes a $4 million Series A funding in September 2012, and more than $2 million angel funding from unknown International angel investors in December 2011. Launched in December 2011, ShopClues.com is a fully managed e-commerce marketplace. While the company doesn’t have any inventory of its own, it allows merchants, brand owners and authorized dealers to showcase their product merchandise to prospective customers, and takes care of the marketing, payment and the product fulfillment processes. The company claims to offer more than 250,000 products across more than 550 categories like electronics, fashion, jewelry, health & nutrition, books, gaming, sports and pet supplies among others. It also claims to have products from more than 2,000 global and regional brands on its platform. As of September 2012, the company had claimed to be generating 2,500 transactions per day with an average ticket size of Rs 900 and had recorded Rs 12 crore in gross sales since launch. Other E-commerce Marketplaces Of late, we have quite a few e-commerce players opting for the marketplace model in a bid to be compliant with India's FDI policy. Foreign Direct Investment in e-commerce has not been allowed in…

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