New Delhi, Jan 12 (ANI): ShopClues.com, founded by 2011 by Silicon Valley entrepreneur and renowned wall-street analyst Sandeep Aggarwal, received an undisclosed amount of funding in its Series E round. Its valuation stands at more than USD 1.1billion. The round of capital infusion is being led by GIC, the largest sovereign wealth fund of Singapore.
Existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding.
GIC’s Head of Asia Equities Research, Ravi Balasubramanian, said, “As a long-term investor, GIC believes in the strong growth potential of India’s e-commerce industry. We are confident that ShopClues’ merchant-first mind-set and solid management team will enable the company to expand its reach, especially in the Tier-2 and Tier-3 cities, bringing its unique value proposition to even more consumers and merchants.”
Commenting on the capital raised Sanjay Sethi, CEO and Co-founder, ShopClues said, “ShopClues has consistently demonstrated that hyper-growth and strong business fundamentals are not mutually exclusive. The recent addition of GIC and the continued strong support from our existing investors is a validation of our capital efficiency with a clear path to profitability.”
“This investment will enable us to double our focus on digitizing our merchants’ businesses so that they scale to fully leverage the opportunity online commerce provides them,” added Sethi.
ShopClues’ GMV has grown over times since January 2015, and the business is shipping out over 3.5 million items on a monthly basis, attracting traffic of more than 100 million visits a month. The business growth is accompanied by strong improvements in capital efficiency and expects to be profitable by H1 2017. The company continues to empower the sales of over 3.5 lakh registered SME merchants, and has launched multiple new services for seller marketing in the past one year.
Speaking about the funding, Radhika Aggarwal, Co-founder and Chief Business Officer, ShopClues said, “Today, we are the dominant player in low price-point and unstructured categories like lifestyle, home, kitchen, electronic and automotive accessories etc. Our focus on selection, value and trusted shopping for Indian middle class consumers has given us tremendous scale with a rapidly growing buyer and merchant network.”
The capital raised will be used to focus on building and rolling out new products to enable the SME merchants to digitize their business and to further entrench itself as the e-commerce operating system on the cloud. (ANI)