Shopclues Raises $100 Mn From Tiger Global; Joins The Billion Dollar Club

Shopclues Raises $100 Mn From Tiger Global; Joins The Billion Dollar Club

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.

Earlier

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.

Prior to this, ShopClues had raised $100 Mn in Series D round in January 2015. The company was valued at around $350 Mn in the last financing round.

Launched in 2011 by Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi, ShopClues claims to be the first company to evangelise the ‘managed marketplace model’ in India. Currently, it has over 1 lakh sellers on its platform.

The development was first reported by YourStory.


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Akanksha Pahwa

Inc42 Staff
Passion for writing and inclination of being updated in technology brings Akanksha together to be a content writer. Her prior experience in PR firms widens her genres in Media planning, Corporate Communication and Research Analyses.
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