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ShopClues raises $100 million; plans IPO in 2017

Online retailer ShopClues has raised an undisclosed amount of funding in its Series E round led by sovereign wealth fund GIC, and participation from existing investors Tiger Global and Nexus Venture Partners. The capital raised will be used to focus on building and rolling out new products to enable SME merchants to digitize their business. YourStory, which reported the development first, pegs the deal at $100 million. With this, ShopClues is now valued at $1.1 billion. It says that it is shipping over 3.5 million items on a monthly basis, attracting more than 100 million visits a month. The company claims to have over 3.5 lakh registered SME merchants. ShopClues co-founder and chief business officer Radhika Aggarwal said that the company is looking to hit the markets with an IPO in 2017. "... We are confident that our capital efficiency & execution will make this our last fund raise before we become profitable with the eventual IPO in 2017,” Aggarwal said in a statement. Other ecommerce marketplaces Interestingly, Tiger Global is also one of the largest investors in another e-commerce marketplace Flipkart, having participated in every single investment round since its first investment in 2010. In September 2015, Flipkart confirmed that it raised $700 million in a fresh round of funding at a valuation of $15.2 billion. Tiger Global and existing investors including Steadview Capital participated in the fundraise. Sachin Bansal’s and Binny Bansal’s holdings of about 8.5% each in the company are now worth more than $1 billion. In August 2015,  raised $500 million in funding led by Foxconn, Alibaba…

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