ShopClues raises over $100 million in series D funding; eyes IPO in 2017

Online marketplace ShopClues has said it has raised over $100 million (roughly Rs. 615 crores) in Series D funding from a group of investors led by Tiger Global. The new funding round also saw participation from the majority of existing investors, ShopClues said in a statement. Previously, ShopClues had raised funds in Angel, A, B and C rounds from leading investors like Helion Venture Partners and Nexus Venture Partners. The company claims to have brought 100,000 sellers and 10 million products online and will focus in the next three years on bringing 10 million sellers and 1 billion products to the online domain, it added. Founded in 2011 by Silicon Valley-based entrepreneurs Sandeep Aggarwal, his wife Radhika Aggarwal, and Sanjay Sethi, ShopClues claims to see 1.5 million transactions per month with 70 percent of them coming from tier II and & III cities. The e-commerce firm also claims over 40 million visitors/month. In August last year, the company said it expects the gross merchandise value (GMV) to hit Rs. 1,500 crore for the current fiscal ending March 2015. ShopClues is the latest Indian unicorn on the block (incidentally, the first Indian unicorn led by a female entrepreneur), joining the likes of other Indian e-commerce giants Flipkart, Snapdeal, Paytm, Zomato, InMobi, et al. The founders look to cash in on the momentum and hope to see greener pastures, hinting at an IPO subsequently. “We are confident that our capital efficiency and execution will make this our last fund raise before we become profitable with the eventual IPO in 2017,” said Radhika Aggarwal, who is also the chief business officer at ShopClues, in a report. With inputs from PTI