The company is expecting break-even by upcoming festive season.
Clues Network Pvt. Ltd controlled marketplace Shopclues raised about 110 crore as informed by its co-founder Sanjay Sethi. The investment has been made by few existing investors as part of an internal round, according to an email sent by Sethi to employees earlier this week.
Founded in 2011 by Sethi, Radhika Aggarwal and Sandeep Aggarwal, ShopClues was a strong competitor fighting for the third spot with Snapdeal. As the major expansion ShopClues plans to be operational in the US, Nepal, Bangladesh and Sri Lanka shortly. Also, contracts have been signed to enable cross-border trade between China and India