Along with being valued at $350 million, ShopClues is all set to receive a funding of $100 from Tiger Global. Till date, ShopClues has raised more than $115 million from its current investors Nexus Venture Partners and Helion Venture Partners.
As per inputs received from their co-founder and chief marketing officer, Radhika Aggarwal, these funds will be utilized to update their technological expertise and implement measures that will bring more sellers on board.
At this point of time, ShopClues is focusing on high margin products manufactured locally at region level with a mass level demand across tier 2 and 3 cities of India. Considering this to be a definite strategic shift when e-commerce majors such as Flipkart, Amazon, Snapdeal are focusing on promoting and selling branded products across India.
Pleased with their performance of getting on board nearly 1,00,000 small and local enterprises, ShopClues has set a target of Rs 2,000 crore in gross merchandise volume this fiscal year and to become break even by mid 2016. As per their figures, ShopClues registered sales to the tune of Rs 350 crore in GMV which is four times higher than the money invested in order to obtain it.
In fact, for the past couple of years, ShopClues was being chased by Flipkart, Snapdeal and even Alibaba for a total buyout which its owners have simply brushed aside.
With additional flow of funds, ShopClues can look forward to securing its position pan India by focusing on high mass products at regional level by infusing better technology and services for expanding their merchant base backed by an expert and experience management team in place.
Reference – http://goo.gl/9F1K2A