ShopClues is fifth largest e-commerce company?
ShopClues.com, an online “managed marketplace,” claims to have established itself as the fifth largest e-commerce company in the country with the largest catalogue of products (excluding books) offered by over 11,000 merchants who have adopted ShopClues as their platform. The company says that it now sells goods with an annual gross merchandise value (GMV) of about Rs 250-300 crore and manages about 10,000 transactions every day.
In January this year, ShopClues had raised $10 million ( Rs 55 crores approx.) in a round which saw participation from Helion Venture Partners, Nexus Partners and Japanese business group Netprice.com. So far, the company has raised $16 million (Rs 88 crore approx.), including the angel round and will probably have one 3rd round to support growth, before looking for an IPO listing in 2016.
Started with an initial investment of $250,000 by a former Wall Street internet analyst in November 2011, ShopClues distinguishes itself from eBay in that is a “ managed marketplace” while eBay is an open marketplace where the e-commerce player did not have any control over the sellers and goods being sold on the platform. At ShopClues the money is not released to the sellers until the buyers say they have received the products and everything is fine.