Three year old Gurgaon-based Clues Network Pvt Ltd which runs and operate online marketplace Shopclues.com has raised $100 Mn in Series C round of funding led by Tiger Global and its existing investors Helion Venture Partners and Nexus Venture Partners. This rounds takes the total funds raised by the company to $115 Mn and values it at about $350 Mn.
Shopclues will be investing the funds raised in technology, marketing and will work to enable more and more sellers to come on its platform.
“Our focus is to be the largest platform for unstructured, mass market, high-margin product categories,” says,” said Radhika Aggarwal, co-founder and chief marketing officer at Shopclues.
The ecommerce marketplace plans to close this fiscal with INR 2,000 Cr. in gross merchandise volume (GMV) and break even in mid 2016.
Unlike Amazon, Flipkart and Snapdeal, Shopclues offer customers with lesser known or unbranded items.
According to sources, this unique aspect of Shopclues has made the company an attractive buy for the other bigger ecommerce players, while for the founders of the company their focus is to scale the business and not on selling it.