ShopClues.com, India’s largest marketplace for Small Medium Businesses (SMBs) has raised around $100 million in a Series D round of financing. The round led by Tiger Global, one of the largest global institutional investors in ecommerce also saw participation from existing investors, Nexus and Helion.
Commenting on the capital raise, Sanjay Sethi, CEO & 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 & 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 Sethi.”
Lee Fixel from Tiger Global noted in a statement, “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 catalog of regional and local brands and we are excited to partner with ShopClues as it expands its offerings”
Speaking about the deal, 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,” she added.
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% of them coming from tier 2 & 3 cities and the platform empowers over 1 lakh SMBs which is the largest community of sellers in India in the online space. With its self-service marketplace platform, seller tools, catalog, payments and marketing services, ShopClues is aggregating online the highly fragmented, and extremely underpenetrated unstructured categories which are dominated by millions of small sellers. Unlike other marketplaces, which tend to focus on mobile, electronics, computers and branded fashion, ShopClues focuses on unstructured categories which contribute to 2/3rd of its revenues.
With over 40 million monthly visitors and 1.5 million monthly transactions, Shopclues.com continues to grow 600% year-on-year and is changing the landscape of Indian e-marketplace industry.
ShopClues has previously raised financing rounds from leading investors including Helion Venture Partners and Nexus Venture Partners. Avendus was the advisor for the current round.
Founded in July 2011 in Silicon Valley, ShopClues.com is India’s first and the largest managed marketplace that connects buyers and sellers online and offers a trusted and safe online shopping experience. With our customer centric approach we provide the best online shopping experience to our customers – starting from the great selection, low price, ease of use, fast delivery, and ending with the best customer service you have ever experienced. ShopClues ships in over 25k cities across India and has thousands of online stores. ShopClues is funded by leading institutional investors, is an Indian subsidiary of Clues Network Inc., a US Corporation and is based out of Gurgaon.