ShopClues is an online marketplace and e-commerce store. Tens of thousands of merchants in India are connected to and sell on the marketplace similarly to Ebay and Amazon.
The company was started 2011 in California and among its founders we find Ebay's former Senior Director of Products, Sanjay Sethi, who is now CEO at ShopClues.
In January last year ShopClues raised $100 million at a valuation of around $350 million.
Today ShopClues, with its headquarters in India, discloses another funding round led by Singapore's sovereign wealth fund GIC and existing investors Tiger Global and Nexus Venture Partners.
Last Round Before Profitability
The investment is not official but rumored to be close to $150 million and more importantly puts the valuation, according to ShopClues, at over $1.1 billion.
ShopClues now joins other Indian e-commerce companies like Snapdeal and Flipkart in the billion-dollar club.
ShopClues reports that its gross merchandise volume has grown over four times since January 2015 and that it ships more than 3.5 million items every month.
The company expects to be profitable by 2017, when it also plans an IPO, and is expecting to generate sales of $1.2 billion by March this year.
- We are confident that our capital efficiency and execution will make this our last fund-raise before we become profitable, with the eventual IPO in 2017, said Radhika Aggarwal, CMO at ShopClues.