Online retailer ShopClues raised $100 Million of funding in its Series E round.The round was led by Singapore based GIC. Existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding.
The capital raised will be used to focus on building and rolling out new products to enable the SME merchants to digitize their business and to further entrench itself as the e-commerce operating system on the cloud.
Sanjay Sethi, CEO & Co-founder, ShopClues said,
“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.”
Launched in 2011 by Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi, ShopClues claims to have over 1 lakh sellers on its platform.
“As a long-term investor, GIC believes in the strong growth potential of India’s e-commerce industry. We are confident that ShopClues’ merchant-first mindset and solid management team will enable the company to expand its reach, especially in the tier-II and tier-III cities, bringing its unique value proposition to even more consumers and merchants,” said GIC’s head of Asia Equities Research, Ravi Balasubramanian.
ShopClues, which counts the Indian middle class looking to buy unbranded goods as its target clientele, currently ships over 3.5 million items on a monthly basis.
Prior to this, ShopClues had raised $100 Million in Series D round in January 2015. The company was valued at around $350 Million in the last financing round.