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<ul><li><keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="Shopclues">Shopclues</keyword> has finally been sold to Singapore-based <keyword id="8279466" type="UNKNOWN" weightage="20" keywordseo="Qoo10">Qoo10</keyword> in an all stock deal. </li><li>The <keyword id="7321558" type="UNKNOWN" weightage="20" keywordseo="unicorn-startup">unicorn startup</keyword> was sold at a valuation ranging between just $70-100 million. </li><li>This year, Shopclues had been at the centre of multiple failed attempts at mergers as it tried to survive.</li></ul>Indian unicorn e-commerce startup Shopclues has finally <a href="https://tech.economictimes.indiatimes.com/news/internet/shopclues-acquired-by-singapore-based-qoo10/71839928">found</a> a buyer in Singapore-based e-commerce platform Qoo10. Shopclues which was once valued at $1.1 billion-- is sold in an all stock deal for a reported valuation ranging between $70-$100 million. Here’s a look at how it all went down for the e-commerce startup. 2011 Shopclues was founded in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. This was two years before Amazon came to India. It raised an angel round of funding. 2012 The startup raised its series A round of funding of $4 million. During this time, Shopclues had 2500 transactions a day and according to <a href="https://www.techcircle.in/2012/09/04/excl-shopclues-raises-4m-in-series-a-round-looking-to-gross-rs-100cr-sales-by-dec-2012">reports</a>, was hoping to turn profitable by 2013. 2013 Gaining momentum, Shopclues closes its series B round for $10 million from investors Nexus Venture Partners and Helion Venture Partners. 2014 Shopclues raised $15 million as a part of its series C round of funding from its existing investors. 2015 In 2015, the startup scooped up its Series D funding for $100 million, also welcoming Tiger Global to its board of investors. “Shopclues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier 2 and tier 3 cities,” the then Tiger Global private equity business head Lee Fixel <a href="https://www.vccircle.com/e-com-marketplace-shopclues-raises-100m-series-c-funding-led-tiger-global/">had said.</a> It also registered a GMV of $400 million. 2016 Between late 2015 and early 2016, Shopclues closed its series E round of funding to join the prestigious unicorn club. It also brought back its dreams for profitability while also reportedly hoping for an IPO. 2017 Shopclues was caught in the middle of a very public spat between its founders – husband and wife duo Sandeep Aggarwal and Radhika. Aggarwal put out a post on Facebook accusing his wife of “an illicit affair” as well as ousting him from the company. It was also the year when the company’s <a href="https://economictimes.indiatimes.com/small-biz/money/shopclues-fy-17-revenue-up-5-losses-decline-by-13/articleshow/61539773.cms">revenue began slowing dow</a>n. In FY17, the company’s revenue grew by 5% instead of the usual 50% jump it had been seeing. Its losses stood at ₹332 crores. 2018 It managed to come back in the game with a 46% revenue jump and cutting down its losses to ₹208 crore in FY18. But at this time, Shopclues also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shopclues-revenue-up-46-to-rs-273-crore/articleshow/66409043.cms">cut down</a> on operational costs, advertising spends and employee benefits. However, it was facing immense competition from Flipkart, Amazon, Paytm etc who were growing at breakneck speed. Meanwhile, Shopclues was focussing on its wholesale marketplace model. Once again, its plans to go in for an IPO in 2018, failed to see the light of the day. Multiple senior management <a href="https://www.thehindubusinessline.com/info-tech/top-level-exits-at-shopcluescom/article23263804.ece">exits</a> too began in the company. It also fired 50 employees across verticals. It also lost a legal fight with L’oreal, which had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms">accused</a> Shopclues of selling counterfeit products on its platform. 2019 Having survived on bridge rounds of investments, troubles started mounting for the company as its struggle to survive became public. The rumours of its probable sell began taking solid turns. Snapdeal (who was itself making a comeback from massive losses) was reported to be in talks with Shopclues for a possible merger, but the talks didn’t go through in the end. There were also rumours about ebay.in looking to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">acquire</a> Shopclues. Shopclues also laid off about 200 employees to cut costs. Then came the news of its final sale to Singapore-based Qoo10 in an all stock deal, but with a massive fall in valuation. “This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a statement.

Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

India’s <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> sector, which has so far seen money being pumped in via <a href="http://www.businessinsider.in/searchresult.cms?query=venture+capital&amp;sortorder=effectivedate">venture capital</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=private+equity&amp;sortorder=effectivedate">private equity</a>, will soon see its second <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=effectivedate">IPO</a> listing. 
 
On Sept 30th last year, <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> firm Infibeam received a green signal from <keyword id="35210" type="ORGANIZATION" weightage="40" keywordseo="sebi">SEBI</keyword>, India’s stock market regulator, to raise around $68.9 million via an <keyword id="35216" type="UNKNOWN" weightage="40" keywordseo="initial-public-offering">initial public offering</keyword> (<keyword id="6354763" type="EVENT" weightage="60" keywordseo="IPO">IPO</keyword>). Now, <a href="http://www.businessinsider.in/searchresult.cms?query=ShopClues&amp;sortorder=effectivedate">ShopClues</a> says it’ll be ready for IPO in 2017. 
 
“We do plan to go for an <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=effectivedate">initial public offering</a> (IPO). By the end of next year, we will be ready for IPO,” Radhika said this month. 
 India’s tech <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> have largely stayed away from listing on domestic stock exchanges. That’s mainly because <a href="http://www.businessinsider.in/searchresult.cms?query=SEBI&amp;sortorder=effectivedate">SEBI</a> was judging startups on the same parameters as legacy companies. However, in June last year, SEBI announced a fresh set of norms to facilitate easier listing of startups. 
 “As one of the first few <keyword id="35621" type="UNKNOWN" weightage="80" keywordseo="e-commerce">e-commerce</keyword> companies going public, we have set the expectations for the industry. The expectations will never come down from now. Decisions need to be taken”, <keyword id="1976141" type="PERSON" weightage="80" keywordseo="Radhika-Aggarwal">Radhika Aggarwal</keyword>, Co-founder and Chief Business Officer of <keyword id="6357066" type="UNKNOWN" weightage="40" keywordseo="ShopClues">ShopClues</keyword> said. 
 
There has been a lot of speculation about <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>’s IPO since 2015. However, even after a change of CEO, <a href="http://www.businessinsider.in/searchresult.cms?query=Binny+Bansal&amp;sortorder=effectivedate">Binny</a> doesn’t seem too keen for an IPO for at least a couple of years. The company prefers to stay out of the spotlight as it works to become profitable. 
 
BSE-NSE listed Lloyd Electric’s Director Nipun Singhal said it best. “E-commerce is in the honeymoon period where they say they’ll change the way people do business, and then make money. They have the luxury of time. For us, in the traditional businesses, the moment a fund buys your stock, every quarter they’ll grill you.”

ShopClues CBO Radhika Aggarwal on
the rigors of an IPO

Online marketplace <a href="http://www.businessinsider.in/exclusive-shopclues-predicts-how-the-e-commerce-space-will-turn-out-in-2017/articleshow/56592792.cms">ShopClues</a> is looking forward for a possible public share sale, as it struggles with internal disputes amongst co-founders. 
 
The Gurgaon-based company, which entered the <a href="http://www.businessinsider.in/ShopClues-raises-Series-E-at-a-valuation-of-1-1-Billion/articleshow/50547081.cms">unicorn club</a> in January last year after exceeding the valuation of $1 billion, has been reportedly in talks with investment banks including <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> and Credit Suisse, two people in the know told ET. 
 
The issue is said to be ready for the first quarter of financial year 2018-19, and would have at least two investment banks as the lead book runners. 
 
Talking of the conflict, co-founders <a href="http://www.businessinsider.in/slideshows/sai/heres-how-startups-like-oyo-paytm-snapdeal-reacted-to-budget-2017/sanjay-sethi-ceo-co-founder-shopclues/slideshow/56938870.cms">Sanjay Sethi</a> and Radhika Aggarwal are dealing with accusations from co-founder and former CEO Sandeep Aggarwal, regarding the issue of illegally taking away his voting rights. Both Sethi and Radhika Aggarwal have denied the charges, and are being supported by the company's board. 
 
In other development, <a href="http://www.businessinsider.in/shopclues-launches-shopclues-surety-to-ensure-quality-products-on-its-platform/articleshow/57667609.cms">ShopClues</a> is looking to raise a fresh funding of somewhere between $75 million and $100 million, a transaction that's expected to be a mix of primary and secondary components from its investors Nexus Venture Partners, <a href="http://www.businessinsider.in/billionaire-chase-colemans-tiger-global-made-a-nearly-500-million-bet-on-fiat/articleshow/57156399.cms">Tiger Global</a>, GIC (the sovereign fund of the government of Singapore), and Ronnie Screwvala, founder of Unilazer Ventures, among others. 
 
(Image source: LiveMint)

Internal conflicts aside, ShopClues might bring out an IPO

In a bid to beat its competitors or at least be equal to them, online marketplace <a href="http://www.businessinsider.in/searchresult.cms?query=shopclues">Shopclues</a> is reportedly looking to raise $150-200 million (Rs 990-1,320 crore) at a valuation of $650-700 million. 
 <keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">Shopclues</keyword>, which is behind <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal">Snapdeal</a> and Paytm, is also mulling to foray into IPO. 
 
In January this year, Shopclues had raised $100 million from New York-based hedge fund Tiger Global Management that valued it at $350 million. 
 
As per reports, <a href="http://www.businessinsider.in/searchresult.cms?query=Tiger+Global+Management">Tiger Global Management</a> is expected to re-invest in Shopclues. 
 
The four-year-old company, Shopclues, may have little difficulty in raising expected <a href="http://www.businessinsider.in/searchresult.cms?query=fundraising">funds</a> as in the current scenario, the investors have become more focussed on business models. 
 
Chief Business Officer at Shopclues, Radhika Aggarwal, said what differentiates Shopclues from others is margins, sellers and unstructured categories. 
 
According to Aggarwal, Shopclues aims to end fiscal 2015-16 with $1.2 billion in annual Gross Merchandise Value (GMV). 
 "We ship almost one-third the orders of Flipkart and half the orders of <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and our entire employee strength is about 850. 
GMV/revenue/number of orders created per employee is significantly higher than the competition,” she told ET. 
 
On IPO dreams, director on the board of Shopclues, Sanjeev Aggarwal, said, “We feel we could be the first ecommerce company to go public.” 
However, the company has not submitted documents for an IPO with the SEBI. 
 Shopclues was founded in <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> in 2011 and started India operations after seven months from Gurgaon. 
 
(Image: Thinkstock)

Shopclues wants to achieve its billion dollar dream, eyes raising Rs 1320 crore through funding, IPO

<keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">ShopClues</keyword> is looking to garner sales worth around USD 2 billion on its platform in 2017 and plans to file for public share listing at <keyword id="6357328" type="COMPANY" weightage="20" keywordseo="NASDAQ">Nasdaq</keyword> by September next year. 
 "With last investment round in January, ShopClues is valued at around Rs 7,100 crore. We were earlier expecting gross merchandise volume of USD 2.3-2.5 billion in 2017 but due to <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, we expect our topline to be around USD 2 billion," ShopClues CEO and co-founder <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> told reporters. 
 On plans to go for public listing, Sethi said, "We expect to file our documents with Nasdaq for listing by September 2017 but the <keyword id="6354763" type="EVENT" weightage="20" keywordseo="IPO">IPO</keyword> will depend on market condition." 
 
He further said the customer traffic on its platform has fallen 30 per cent after the scrapping of old Rs 500 and Rs 1,000 notes by the government on November 8. 
 
"We were expecting the demonetisation impact to have gone by now. Business traffic is almost back to normal. There is still 5 per cent depression in traffic compared to one we see during this period," Sethi added. 
 
The company launched a SMS-based payment service 'Reach' for merchants after the demonetisation drive to help facilitate cashless transactions at a monthly subscription fee of Rs 99. 
 
"If merchants are on ShopClues platform, this means they are already on e-platform. We can help people in organised business to grow but can't help those who are in undocumented economy. 'Reach' will help merchants who are looking for growth by enabling them go for hassle-free cashless transaction in three steps," Sethi said. 
 
Using this platform, merchants will feed the transaction amount and mobile number of the customer. After this, the customer will receive an SMS with a link of payment where he can pay using net banking or mobile wallet. 
 
ShopClues has over 5 lakh sellers on its platform and ships products in over 30,000 pin codes across India.

ShopClues plans Nasdaq listing next year, eyes $2 billion in sales due to demonetisation

<keyword id="6357066" type="UNKNOWN" weightage="100" keywordseo="ShopClues">ShopClues</keyword>.com, the mass-market online retailer founded in 2011 by renowned wall-street analyst Sandeep Aggarwal, has received an undisclosed amount of funding in its Series E round. 
 
This funding has brought the retailer’s valuation at more than $1.1Billion. 
 
The round of capital infusion was led by GIC, which happens to be the largest sovereign wealth fund of Singapore. Existing investors of ShopClues.com, including major names like Tiger Global and Nexus Venture Partners, also participated in this funding round. 
 
“As a long-term investor, GIC believes in the strong growth potential of India's e-commerce industry. We are confident that ShopClues’ merchant-first mind-set and solid management team will enable the company to expand its reach, especially in the Tier-2 and Tier-3 cities, bringing its unique value proposition to even more consumers and merchants,” said Ravi Balasubramanian, GIC’s Head of Asia Equities Research. 
 
Sanjay Sethi, CEO &amp; Co-founder of ShopClues, had his two cents to share on the same. “ShopClues has consistently demonstrated that hyper-growth and strong business fundamentals are not mutually exclusive. The recent addition of GIC and the continued strong support from our existing investors is a validation of our capital efficiency with a clear path to profitability. This investment will enable us to double our focus on digitizing our merchants’ businesses so that they scale to fully leverage the opportunity online commerce provides them.” 
 
The gross merchandise volume (GMV) of online retailer has grown over four time since January 2015. They are currently shipping out over 3.5 million items on a monthly basis, thereby attracting more than 100 million visits per month. 
 
The business growth, which is accompanied by strong improvements in capital efficiency, is expected to prove profitable by H1 2017. 
“Today, we are the dominant player in low price-point &amp; unstructured categories like lifestyle, home, kitchen, electronic &amp; automotive accessories etc. Our focus on selection, value and trusted shopping for Indian middle class consumers has given us tremendous scale with a rapidly growing buyer &amp; merchant network. We are confident that our capital efficiency &amp; execution will make this our last fund raise before we become profitable with the eventual IPO in 2017,” said Radhika Aggarwal, Co-founder and Chief Business Officer of ShopClues. 
 
The capital raised in this funding round will be used to focus on building and rolling out new products so that SME merchants can be enabled to digitize their businesses. It would also be used to further establish itself as the e-commerce operating system on the cloud. 
 
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Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

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