Indian e-commerce site for small business ShopClues.com raises $100 million
19 January 2015
ShopClues.com, India's largest marketplace for Small Medium Businesses (SMBs), has raised over $100 million (about Rs 620 crore) in Series D funding (fifth round of investments).
The company had earlier raised undisclosed amounts through Series A, B and C rounds from investors including Helion Venture Partners and Nexus Venture Partners.
The new round of capital is led by global institutional investor Tiger Global, with participation from majority of existing investors, the company said in a statement.
''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 levels the playing fields for SMBs to compete with other organized retailers both in the online and offline space,'' said Sanjay Sethi, CEO & co-founder, ShopClues.
ShopClues was founded in 2011 as a fully-managed marketplace and at present does 1.5 million transactions per month with 70 per cent of them coming from tier II and III cities. The platform has over 1 lakh SMBs, making it the largest community of sellers in India in the online space.
''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,'' said Lee Fixel from Tiger Global said.
With over 40 million monthly visitors and 1.5 million monthly transactions, Shopclues.com continues to grow 600 per cent a year-on-year basis.
''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,'' said Radhika Ghai Aggarwal, Co-founder at ShopClues.