ShopClues bags Rs 7.86 cr from its parent firm
ShopClues bags Rs 7.86 cr from its parent firm

ShopClues, an e-commerce space, has raised Rs 7.86 crore funding from its parent company, Clues Network Inc. The company’s development comes after experiencing a financial turmoil in 2018 and slashing workforce by 50% in July 2019.

The Gurugram-based platform has issued 4,320 equity shares to Clues Network Inc, at a premium of Rs 18,190 per share.

The company reported losses of Rs 208 crore for the year ended March 2018, narrowing from a loss of Rs 347 crore, in the previous financial year.

Founded by Sandeep Aggarwal in 2011, ShopClues is an online marketplace owned by Clues Network Pvt. It is headquartered in Gurugram.

The company is presently aiming for profitability. It has raised about $250 million so far and focuses on Tier II and III cities.

Since the past two years, the company has been steadily losing momentum, with the orders dropping to less than 30K per day.

 
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