Online marketplace ShopClues will invest INR 1 Crore collectively across four startups.
“We are not sure yet if we will have a stake in the company or disburse the amount based on milestone,”
Ganesh Balakrishnan, assistant vice-president, Merchant Services, ShopClues, told.
“It’s not just money that we are giving. We want to help the entrepreneurs with our know-how and expertise in ecommerce itself and offer any operational help,” he added.
ShopClues.com is an online marketplace, headquartered in Gurgaon, India. The company was founded in California’s Silicon Valley in 2011. It has over 12,000 registered merchants retail 2,00,000+ products on the platform to over 42 million visitors every year across 9500 locations in the country. The e-commerce company is incorporated in Delaware.
The startups receiving funding are Bengaluru-based Pepper Agro, Noida-based Glam Studios, Ornitva and Scrapify.
Ornativa, a jewellery startup, which is already a merchant on ShopClues, wants to use this money to scale-up and build their brand. They use 3-D printing technology to build their products, which according to Balakrishnan, made it a unique proposition.
ShopClues shortlisted these startups after organising the first edition of the ‘Next Big E-preneur Challenge’, which they plan to make an annual event.
“The next clutch of entrepreneurs in India is really pushing the envelope of innovation and also carefully looking at execution and profitability,”
said Sandeep Aggarwal, Founder of ShopClues and Droom.
“I believe that challenges such as these are an ideal way to encourage fresh approach and help bolster the enthusiasm that is already present in India’s startup world.”
In 2015, ShopClues invested in real-time shopping-assistant app HeyBiz.