Ist ShopClues' Offline Store To Open In Lucknow Next Month

The company received funding of about $10 million from some existing investors recently. Ghai confirmed that $10 million was the ballpark figure and declined to specify the amount raised.
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ShopClues is set to enter the brick-and-mortar segment after having raised about $10 million from existing investors.

To a larger e-commerce player abound, the company will open its first offline store in Lucknow next month, where it will feature its private labels and products in categories across fashion, accessories and entry-level smartphones, cofounder Radhika Ghai said.

The company received funding of about $10 million from some existing investors recently. Ghai confirmed that $10 million was the ballpark figure and declined to specify the amount raised.

The funds will be used for operations and to push the company’s offline-to-online strategy, which is aimed at helping customers make their first online purchase. This includes partnering with entities with a large offline retailer base, Ghai said. It has already tied up with entities such as Aditya Birla Payments Bank, E Mart and iTiger (part of Sahaj Group) to access their retailer network. The company expects its offline-to-online focus to bring 25% of its revenue by the end of the year.

ShopClues’ 1st offline store to open in Lucknow next month The ShopClues-branded store in Lucknow will cover about 600 square feet, though the company did not specify its location. “We will take a call on whether we would want to add more offline stores after the launch of this store,” Ghai told ET.

The company’s decision to go offline comes as the market grapevine is abuzz with reports of ShopClues being on the block, including a mention on Twitter about talks with Japanese e-commerce player Rakuten. Ghai dismissed these statements as ‘speculations by trolls’ and stated that the company had met representatives of Rakuten in 2014. “They were meeting literally everybody at that time and that is when we also met them. We haven’t met them after that,” she said.

ShopClues is set to enter the brick-and-mortar segment after having raised about $10 million from existing investors.

To a larger e-commerce player abound, the company will open its first offline store in Lucknow next month, where it will feature its private labels and products in categories across fashion, accessories and entry-level smartphones, cofounder Radhika Ghai said.

The company received funding of about $10 million from some existing investors recently. Ghai confirmed that $10 million was the ballpark figure and declined to specify the amount raised.

The funds will be used for operations and to push the company’s offline-to-online strategy, which is aimed at helping customers make their first online purchase. This includes partnering with entities with a large offline retailer base, Ghai said. It has already tied up with entities such as Aditya Birla Payments Bank, Emart and iTiger (part of Sahaj Group) to access their retailer network. The company expects its offline-to-online focus to bring 25% of its revenue by the end of the year.

ShopClues’ 1st offline store to open in Lucknow next month The ShopClues-branded store in Lucknow will cover about 600 square feet, though the company did not specify its location. “We will take a call on whether we would want to add more offline stores after the launch of this store,” Ghai said.

The company’s decision to go offline comes as the market grapevine is abuzz with reports of ShopClues being on the block, including a mention on Twitter about talks with Japanese e-commerce player Rakuten. Ghai dismissed these statements as ‘speculations by trolls’ and stated that the company had met representatives of Rakuten in 2014. “They were meeting literally everybody at that time and that is when we also met them. We haven’t met them after that,” she said.

 
 
 
 
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