New Delhi: Online marketplace Shopclues has raised $100 million in fresh round of funding led by US based PE firm Tiger Global, says an Economic Times report.
The recently closed deal witnessed participation from existing investors Helion Venture Partners and Nexus Venture Partners. With this deal, Shopclues has received funding of $115 million so far.
The deal values Shopclues at $350 million.
Shopclues aims to close this fiscal with Rs 2,000 crore in gross merchandise volume (GMV). The company also hopes to reach breakeven in 2016, according to report.
'We will be investing money in technology, marketing and everything else that will enable more sellers to come on our platform,' the ET report quoted Radhika Aggarwal, co-founder and chief marketing officer at Shopclues in its report.
Shopclues primarily focuses on small and medium level traders for online transaction and targets tier 1 and tier II cities customers.
Unlike its peers, the online retailer deals in lesser known and unbranded articles online.
Lee Fixel, partner at Tiger Global Management, told ET that Shopclues has emerged as the leader marketplace for more than 1,00,000 small and local businesses seeking to reach the mass consumer in India's tier 2 and 3 cities.
The company had received Series A funding of $4 million in 2012 led by Nexus Ventures Partners. In March 2013, they raised Series B round of $10 million from Helion Venture partners, Nexus Partners and Teruhide Sato.