Indian e-Commerce has seen another big investment today. Shopclues has closed $100 million series D round funding led by Tiger Global. Existing investors, including Nexus Venture Partners and Helion Venture Partners also participated in this round. Now ShopClues valued over $350 million.
ShopClues was founded back in 2011 and was among first few online retailers who adopted marketplace model. Company claims to have more than 10,000 sellers with 10 million products. It also claims to show growth of 100 fold over next few years. It also claimed to see over 40 million visitors per month who generate 1.5 million transactions.
“We will be investing money in technology, marketing and everything else that will enable more sellers to come on our platform,” Radhika Aggarwal, co-founder and chief marketing officer at Shopclues, said in the statement given to Economic Times. “Our focus is to be the largest platform for unstructured, mass market, high-margin product categories.”
ShopClues sells lesser known items and this is the reason it has most customers from two or three tier cities.
Company will use this fresh funding in enhancing the technologies and seller partnership.
India’s e-commerce market is growing very fast and attractive more investors. It is expected to reach $6 billion in 2015 with 70% increase over the 2014 revenue.
Source: ET
