As per the Mint Report Shopclues an Indian E-commerce platform on Tuesday said it has raised a fresh round of funds led by sovereign wealth fund GIC Pvt. Ltd with participation from existing investors Tiger Global Management and Nexus Venture Partners, valuing the company at more than $1.1 billion.
Though the amount has not been disclosed but sources said that it will be around $100-$150 million.
“Today, we are the dominant player in low price-point and unstructured categories like lifestyle, home, kitchen, electronic and automotive accessories etc. Our focus on selection, value and trusted shopping for Indian middle class consumers has given us tremendous scale with a rapidly growing buyer and merchant network. We are confident that our capital efficiency and execution will make this our last fund raise before we become profitable with the eventual IPO in 2017,” said Radhika Aggarwal to Mint, co-founder and chief business officer at ShopClues.
“ShopClues has consistently demonstrated that hyper-growth and strong business fundamentals are not mutually exclusive. The recent addition of GIC and the continued strong support from our existing investors is a validation of our capital efficiency with a clear path to profitability. This investment will enable us to double our focus on digitizing our merchants’ businesses so that they scale to fully leverage the opportunity online commerce provides them,” said Sanjay Sethi, chief executive officer and co-founder of ShopClues.
ShopClues was founded in 2011 by Sandeep Aggarwal, who bootstrapped the company with his own funds and angel money that he raised from his friends and family till the first institutional raise of $4 million in January 2012.
In January 2015, ShopClues received $100 million in a funding round led by Tiger Global Management.