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ShopClues raises Rs 50 crore as venture debt from InnoVen Capital

Online marketplace ShopClues has raised Rs 50 crore as venture debt from InnoVen Capital. While, ShopClues confirmed the development, a company spokesperson did not provide additional details. ShopClues will be using the debt raised for day-to-day business activities, as indicated by Mint.

In January last year, the company said its valuation was $1.1 billion after it raised an undisclosed amount as series E fund from sovereign wealth fund GIC along with existing investors Tiger Global and Nexus Venture Partners. At the time, the company had also announced that it was planning for an IPO in 2017.

In January 2015, the company 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.

ShopClues clocked revenues of Rs 179 crore for the year ended 31 March, 2016, while losses stood at Rs 383 crore, as reported by Mint.

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ShopClues competes with Flipkart, Amazon, and Snapdeal in India. Flipkart also counts Tiger Global in its list of investors. In April this year, Flipkart raised $1.4 billion from technology company Microsoft, global e-commerce player eBay and Chinese investment holding firm, Tencent. There have been reports that SoftBank is trying for a merger of Snapdeal and Flipkart by selling Snapdeal to Flipkart. On the other hand, global player, Amazon in the last financial year alone invested Rs 7000 crore in India.  In December last year, the company made a fresh investment of Rs 2010 crore into the India unit. The company has said that it will continue to invest in infrastructure and technology in India.

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