Update: Shopclues has confirmed the development. Keeping the amount of funding undisclosed, the company said that its valuation stands at more than $1.1 Bn. Besides, Tiger, GIC, the largest sovereign wealth fund of Singapore and existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding.
Gurgaon-based online managed marketplace, ShopClues, has raised $100 Mn from Tiger Global as Series E funding.
Sanjay Sethi, CEO of Shopclues said that with this fundraise the company will mainly focus on competing with other ecommerce majors like Amazon, Flipkart and Snapdeal.
Also, there are perceptions that Shopclues may acquire a few companies to scale their business and optimise operations. It aims $1 Bn GMV this year.
We reached out to Shopclues and Tiger Global, but did not elicit any confirmation on the same.