E-commerce space in India is ‘still’ a buzz among investors, and its not just the Flipkarts and the Snapdeals they are interested in. ShopClues.com, an online managed marketplace, which lets you buy anything and everything from electronics to consumer goods has raised over $100 Million in a Series D round led by Tiger Global.
Though not disclosed officially, several estimates put the company’s valuation to $350 Million. However, if we take net revenues as the benchmarking criteria for valuation, then this figure may touch the $500 Million mark. The firm had clocked net revenues of around Rs 30 crore with net loss of Rs 38 crore for the year ended March 31 2014.
The company had previously raised money from Nexus Partners, Helion Venture Partners, and Beenos. It raised $10 million in Series B round in March 2013. Prior to that it had raised around $5 million Series A round. It isn’t clear whether existing investors participated in this round.
Founded in July 2011 in Silicon Valley, ShopClues.com claims to be India’s first and the largest managed marketplace that connects buyers and sellers online and offers a trusted and safe online shopping experience. The company has become India’s fourth largest online marketplace in terms of GMV (Gross Merchandise Value).
The company claims to be growing at a staggering 600% Y-o-Y growth rate, making it India’s fastest growing e-commerce venture. This growth rate is phenomenal, considering the glutted e-commerce space in India.
Sanjay Sethi, CEO & co-founder, ShopClues said,
So far we have brought 100,000 sellers and 10 million products online and the next three years 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 eCommerce revolution that is happening in India.
ShopClues claims to be handling 1.5 million transactions per month with 70% of them coming from tier 2 & 3 cities and the platform empowers over 1 lakh SMBs which is the largest community of sellers in India in the online space.
Instead of working on the more popular inventory model, ShopClues is a rather managed marketplace. It aggregates products which come under various unstructured categories, sold by small and medium sellers in India. The company currently employs 550 people inits workforce, with plans to expand further.