Shopclues Enter Indian Unicorn Club Raises 100M Dollar in Series E Round
ShopClues, Gurgaon-based online marketplace, has raised over $100 million in Series E funding round led by sovereign wealth fund GIC. The round also saw participation from existing investors which include Tiger Global and Nexus Venture Partners.
In January 2015, ShopClues had raised $100 million in Series D round from Tiger Global Management. Started in 2011 by Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi, ShopClues is an e-commerce website that connects the sellers with buyers. The platform has listed over 100,000 sellers.
With this new funding, the company has joined the Indian Unicorn Club, which includes some big homegrown companies like Ola, Snapdeal, Flipkart and Paytm. The company also eyeing to file IPO in 2017.
Radhika Aggarwal, co-founder and Chief Business Officer said, “Today, we are the dominant player in low price-point & unstructured categories like lifestyle, home, kitchen, electronic & 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 & merchant network. We are confident that our capital efficiency & execution will make this our last fund raise before we become profitable with the eventual IPO in 2017.”