wordpress blog stats
Connect with us

Hi, what are you looking for?

ShopClues raises $1 million from Unilazer Ventures

Online marketplace ShopClues has raised $1 million in a bridge round of funding from Unilazer Ventures, reports The Economic Times. The Indian arm of Clues Network Inc, has allocated about 1,027 equity shares to the Indian subsidiary for raising this round, as per business research platform Paper.vc.

Amid rising competition in the online retail sector, ShopClues raised Rs 50 crore as venture debt from InnoVen Capital in May 2017. That year, the company also launched four in-house labels: Digimate for electronics, Home Berry for home & décor, women’s workwear fashion brand MEIA and men’s footwear label Baton. The company reportedly expects these brands to account for 12 per cent of its revenue this fiscal year.

As per regulatory filing, ShopClues’ total revenue was Rs 180.3 crore in 2016-17, from Rs 161.4 crore in the preceding fiscal. Losses for the year ended March 2017 stood at Rs 332.65 as compared to Rs 383 crore in the previous year.

In January 2016, 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. In January 2015, Shopclues raised $100 million investment led by Tiger Global with participation from existing investors Helion Venture Partners and Nexus Venture Partners.

Competition

In August 2017, after talks on merger with Snapdeal collapsed, Flipkart raised investment of nearly $2.5 billion from SoftBank’s $100 billion Vision Fund. Amazon also invested a further Rs 1680 crore into the India unit last year, which is its second largest market after USA. Currently, Amazon’s total investment commitment in India stands at $5 billion.

Advertisement. Scroll to continue reading.

Paytm raised funding of $1.4 billion from SoftBank Group in 2017 and earlier spun off e-commerce business as a separate entity and raised $200 million from Alibaba. Notably, investments raised by the three top players in the sector are much larger than that of ShopClues.

The race to lead the online retail sector in India has become highly competitive with the size of funds infused in it. In the next 15 years India will see more people come online than any other country. In 2015, e-commerce sales were about $16 billion and by 2020, the online retail market could be more than seven times larger, according to Morgan Stanley.

Written By

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

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

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...

Advert

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...

News

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...

News

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
Name:*
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