Top News

ShopClues.com raises $100 million in a funding round led by Tiger Global

Online marketplace for small and medium businesses (SMBs) ShopClues.com
has raised over $100 million in Series D in a new funding round led by Tiger
Global. The round also saw participation from majority of its existing
investors.

Online marketplace for small and medium businesses (SMBs) ShopClues.com
has raised over $100 million in Series D in a new funding round led by Tiger
Global. The round also saw participation from majority of its existing
investors.

Commenting on this new development, Sanjay Sethi, Co-founder &
CEO, ShopClues said, “So far we have brought around100,000 sellers and 10
million products online and the next three years we will be focused on bringing
10 million sellers and 1 billion products to the online domain. We will
continue to build technologies & services to enable and empower retailers
to participate in the e-commerce revolution that is happening in India.
ShopClues levels the playing fields for SMBs to compete with other organized
retailers, both in the online and offline space.”

Lee Fixel from Tiger Global noted in a statement, “ShopClues
has emerged as the leading marketplace of choice for the millions of small and
local businesses seeking to reach mass consumers in India’s tier 2 and tier 3
cities. Sanjay, Radhika and the team have done a great job aggregating the
country’s largest online catalog of regional and local brands and we are
excited to partner with ShopClues as it expands its offerings.”

Speaking about the deal, Radhika Ghai Aggarwal, Co-founder,
ShopClues commented, “In Tiger Global, we found a strategic partner who showed
confidence in our capability to operate the country’s largest marketplace for
the masses – be it the millions of small merchants wanting to sell online or
the vast pool of shoppers in tier 2/3 towns looking for access to the products
and categories that they never had before. The fact that another ace investor
has been added to our list of institutional investors is a strong endorsement
of our team, strategy and business performance.”

With over 40 million monthly visitors and 1.5 million
monthly transactions, Shopclues.com, founded in 2011, continues to grow 600%
year-on-year and is changing the landscape of Indian e-marketplace industry. The
online marketplace notes that 70% of its monthly transactions come from tier 2
& 3 cities.

ShopClues focuses on
unstructured categories which contribute to 2/3rd of its revenues. Earlier, the
company had raised an undisclosed amount in previous rounds from leading
investors including Helion Venture Partners and Nexus Venture Partners.

 

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close