ShopClues had raised an undisclosed amount in previous rounds from Helion Venture Partners and Nexus Venture Partners.
ShopClues.com, India’s largest marketplace for Small Medium Businesses (SMBs) has raised over $100 million in Series D round of funding. The funding is led by Tiger Global, one of the largest global institutional investors. The new round also saw participation of its existing investors - Helion Venture Partners and Nexus Venture Partners.
Sanjay Sethi, CEO and 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 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 organised retailers both in the online and offline space."
Sharing his views on the same, Lee Fixel, MD and Partner, Tiger Global 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 catalogue of regional and local brands and we are excited to partner with ShopClues as it expands its offerings.”
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 & 3 cities and the platform empowers over 1 lakh SMBs
Radhika Ghai Aggarwal, Co-founder, ShopClues commented, “In Tiger Global, we found a strategic partner who showed confidence in our capability to operate the country’s largest marketplace for the masses – be it the millions 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.”
Unlike other marketplaces, which tend to focus on mobile, electronics, computers and branded fashion, ShopClues focuses on unstructured categories, which contribute to 2/3rd towards its revenues. With over 40 million monthly visitors, Shopclues.com continues to grow 600 per cent year-on-year and is changing the landscape of Indian e-commerce industry.
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