wordpress blog stats
Connect with us

Hi, what are you looking for?

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.

Advertisement. Scroll to continue reading.

In August 2015,  raised $500 million in funding led by Foxconn, Alibaba and existing investor Softbank, with participation from other existing investors Temasek, BlackRock, Myriad and PremjiInvest. In October 2014, Snapdeal had raised $627 million from Softbank, with the latter being the largest investor in Snapdeal at that point.

Meanwhile, Amazon posted a net profit of $79 million for the quarter ended September 30 compared the the net loss of $437 million in the same quarter last year. Amazon India’s number of sellers on Amazon India grew 250% year-on-year. Amazon has been adding 40,000 products per day this year and has 30 million products on it platform.

Earlier funding

In January 2015, the company had raised $100 million investment led by Tiger Global with participation from existing investors Helion Venture Partners and Nexus Venture Partners. Shopclues raised around $15 million across multiple funding rounds. This includes a $4 million Series A funding in September 2012, and more than $2 million in angel funding from unknown International angel investors in December 2011.

HeyBiz investment

In December 2015, ShopClues invested an undisclosed amount in seedfunding in real time shopping assistant app HeyBiz. Interestingly, in August, ShopClues had launched a hyperlocal feature called the Neighbourhood Market on its mobile app, that allows merchants to connect with customers. In contrast to HeyBiz, this app lets localized sellers showcase their products to buyers near them across mobile and web platforms.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...


Releasing the policy is akin to putting the proverbial 'cart before the horse'.


The industry's growth is being weighed down by taxation and legal uncertainty.


Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ