MUMBAI: Online retailer ShopClues.com has raised over $100 million in a fresh round of funding led by global institutional investors Tiger Global as well as its existing investors Helion Venture Partners and Nexus Venture Partners.
ShopClues CEO and co-founder Sanjay Sethi said that the company has bought 100,000 sellers and 10 million products online until now and plans are afoot to bring 10 million sellers and one billion products on the online domain in the next three years.
“We will continue to build technologies and 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,” added Sethi.
Tiger Global partner Lee Fixel said, “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.”
ShopClues co-founder Radhika Ghai Aggarwal feels that in Tiger Global, it has found a strategic partner who showed confidence in its capability to operate the country’s largest marketplace for the masses. Be it the million 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,” she added.
ShopClues was founded in 2011 as India’s first fully managed marketplace, when all other players were inventory led models. Currently, ShopClues does 1.5 million transactions per month with 70 per cent of them coming from tier 2 and 3 cities and the platform empowers over 1 lakh SMBs which is the largest community of sellers in India in the online space.
Unlike other marketplaces, which tend to focus on mobile, electronics, computers and branded fashion, ShopClues focuses on unstructured categories, which contributes to two-third of its revenues.
