Sanjay Sethi

E-commerce marketplace has a new CEO: co-founder Sanjay Sethi has taken over from the erstwhile CEO and founder Sandeep Aggarwal.

Prior to this appointment, Sethi was serving as Vice-President (Products) since the company’s inception in July 2011. Before that, he was serving as the Global Product Head for Shipping & Logistics, Payments & Billing at eBay Inc in Silicon Valley. He has a combined experience of over 18 years in the Internet Product space and has had stints at Tradebeam, HCL Perot Systems, IIS Infotech and Steel Authority of India Limited.

FBI agents had earlier arrested Sandeep Aggarwal on insider trading charges and was charged with conspiracy to commit securities fraud and conspiracy to commit wire fraud. He was also being sued by the U.S. Securities and Exchange commission. A day later, Aggarwal was however released on a $500,000 bond and ShopClues had said that all the charges contained in the complaint were just accusations and the defendant is presumed unless and until proven guilty.

Launched in July 2011, ShopClues is the Indian subsidiary of the US corporation Clues Network Inc and has raised around $25 million investment until now: a $10 million round from Helion Venture Partners, Nexus Partners and CEO Teruhide Sato in March 2013, and $15 million across multiple funding rounds including a $4 million Series A funding in September 2012, and more than $2 million angel funding from unknown International angel investors in December 2011.

The company is a fully managed e-commerce marketplace and allows merchants, brand owners and authorized dealers to showcase their product merchandise to prospective customers, while taking care of the marketing, payment and the product fulfillment processes. It claims to currently have 19,000 merchants on board.