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ShopClues.com raises $100 million led by Tiger Global
MUMBAI: SME marketplace ShopClues.com has raised over $100 million in Series D round of funding led by Tiger Global and also saw participation of the majority of its existing investors.
ShopClues co-founder and CEO Sanjay Sethi 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.”
In a statement, Tiger Global’s Lee Fixel stated, “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 II and Tier III 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 co-founder Radhika Ghai Aggarwal added, “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.”
ShopClues was founded in 2011 as India’s first fully managed marketplace. Currently, ShopClues does 1.5 million transactions per month, with 70 per cent of them coming from Tier II and III cities and the platform empowers over 1 lakh SMBs, which is the largest community of sellers in India in the online space.
With over 40 million monthly visitors and 1.5 million monthly transactions, Shopclues.com continues to grow 600 per cent year-on-year and is changing the landscape of Indian e-marketplace industry.
ShopClues had raised an undisclosed amount in previous Angle, A, B and C rounds from leading investors including Helion Venture Partners and Nexus Venture Partners. ShopClues is an Indian subsidiary of Clues Network Inc, a US Corporation headquartered in Gurgaon.