ShopClues, locks Series E funding to achieve a billion dollar tag

Shopclues will invest the fresh capital in strengthening its tech backbone, logistics infrastructure and on-boarding more merchants.

Gurgaon-based managed marketplace, has recently nabbed an undisclosed amount of funding in its series E round from Singapore-based investment firm GIC along with company’s existing investors including Tiger Global and Nexus Venture Partners. After this infusion, the company stands at more than $1 billion evaluation.
Commenting on the same 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,” he added.
The mass-market retailer’s GMV has grown over 4X since January 2015, and the business is shipping out over 3.5 Million items on a monthly basis, attracting traffic of more than 100 Million visits a month.
Ravi Balasubramanian, Head of Asia Equities Research, GIC said, “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 mind-set and solid management team will enable the company to expand its reach, especially in the Tier-2 and Tier-3 cities, bringing its unique value proposition to even more consumers and merchants.”
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.

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