ShopClues brings more local brands on board

ShopClues is expanding its fashion business by bringing on board more local brands and enhancing product offerings, a move that will steer the e- commerce marketplace towards overall profitability.

ShopClues, which focuses on value and mid-price segments, aims to hit overall profitability by the first half of 2018- 19.

Radhika Aggarwal, Co-founder and Chief Business Officer, ShopClues, said the current size of India's apparel and lifestyle market is estimated to be over USD 90 billion but only 2 per cent of this is online.

She said, "However, this (lifestyle) is also the fastest growing category and reaches 24 per cent of online consumers in India. We have exponentially scaled up our offerings in this category. Growth has been attained while improving the bottom-line and it is a profitable category for us."

"We have increased focus on affordable and high quality products and are positioning ourselves as the e-commerce destination for Bharat," Aggarwal said.

She added that the category will play a crucial role in reaching overall profitability by the first half of financial year 2018-19.

The unicorn (valuation of over USD 1 billion) has investors like Sovereign Wealth Fund GIC Pte Ltd, Tiger Global Management LLC, Helion Venture Partners and Nexus Venture Partners.