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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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