ShopClues

Shopclues.com
Type of business Private
Type of site
 E-commerce
Available in English
Founded July 2011 (July 2011)
Headquarters Gurgaon, India
Area served India
Founder(s)
Key people Sanjay Sethi (CEO)[1][2]
Industry Internet
Services Online shopping
Website www.shopclues.com
Alexa rank Decrease 757 (March 2017)[3]
Launched July 2011 (July 2011)
Current status Online

ShopClues.com is an online marketplace, headquartered in Gurgaon, India. The company was founded in California's Silicon Valley in 2011.[4][5] It has over 12,000 registered merchants[6] retail 2,00,000+ products[7] on the platform to over 42 million visitors[8] every year across 9500 locations in the country.

The e-commerce company is incorporated in Delaware.[9]

ShopClues joined as 35th entrant in the Indian e-commerce in 2011.[10] The company employs about 700 people across different locations.[11]

History

ShopClues is the subsidiary of Clues Network Inc..,[12] a US Corporation and was founded in November 2011 by Radhika Aggarwal, her husband, Wall Street internet analyst Sandeep Aggarwal[13] and Sanjay Sethi.[14]

Funding

With Series E, ShopClues is now valued at more than $1.1 billion (Rs 7,300 crore) following undisclosed funding led by Singapore's sovereign wealth fund GIC.[15][16][17]

In March 2013, ShopClues successfully completed its third round of funding.[18] The company raised close to $10 million (Rs. 54 crores) from Helion Venture Partners and Nexus Venture Partners. Nexus Venture Partners[19] had previously led the Series A investment in the company in Feb 2012. With this round, ShopClues.com has raised over $15 million in capital so far.

ShopClues has other investors like Series B investors Helion and Nexus and a Japanese Internet company. Prior to Series A, ShopClues had raised a round (in Aug. 2011) from angels including from early employees of companies like Google, Netscape and many serial entrepreneurs from Silicon Valley.[20]

ShopClues has raised $100 million (Rs 620 crore) in Series C funding led by Tiger Global besides at least two of its existing investors.This values the company at around $350 million.[21]

Business results

Shopclues handles about 1.8 million transactions[22] annually and around 42 million visitors a year. The company is already doing Rs 100 crores in annualised revenue based on its monthly run. It is targeting about 3.5 percent growth in the January numbers. The company witnessed growth of 250 percent from January 2012 to January 2013.

In January 2013, Shopclues posted a revenue of about Rs 8 crore and handled 1.52 lakh transactions compared to Rs 11 lakh in revenue and 200 transactions in January 2012. Now, the company is looking at handling about 30 lakh transactions[22] and also expects the total visitors to website to cross 10 crores . Shopclues will launch its first ever advertising campaign in September 2014 and has earmarked Rs 75 crores for it.[23]

Locations

The company is headquartered in Gurgaon, Haryana and has its registered office in Vadodara, Gujarat in India. It also has an office in Palo Alto, California.[24]

ShopClues delivers to over 9500 cities[25] in association with leading courier partners. ShopClues fulfillment operations are managed by 3 Fulfillment Centres in New Delhi and Mumbai.

Controversy

Luxottica Group, the owner of popular eyewear brand Ray-Ban, had taken legal action against an online marketplace for allegedly hosting fake products for sale. The company took legal action against ShopClues, also accusing it of misleading customers by offering heavy discounts. The Delhi High Court found that ShopClues had breached its earlier direction and continued to sell Ray-Ban branded items.[26]

Sandeep Aggarwal, in a Facebook post, questioned his wife and co-founder Radhika Aggarwal's abilities. He also accused her of taking away his voting rights, and charged her with having an "illicit love affair" with co-founder Sanjay Sethi. The board however decided to back Radhika.[27]

References

  1. ↑ Sanjay Sethi Takes Over Sandeep Aggarwal As ShopClues CEO
  2. ↑
  3. ↑ "Shopclues.com Site Info". Alexa Internet. Retrieved 17 March 2017.
  4. ↑ (Press Release) Threefold sales increase for ShopClues post 12.12.12
  5. ↑ shopclues-com-rolls-out-official-brand-stores
  6. ↑ ShopClues.com launches Official Brand Stores with close to 200 brands
  7. ↑ Online shopping site ShopClues.com raises $10 mn form Helion Venture Partners, Nexus Venture
  8. ↑ shopclues-eyes-rs-350-cr-revenue-in-2013
  9. ↑ http://qz.com/593150/indias-newest-startup-unicorn-says-it-is-more-ipo-ready-than-competitors/
  10. ↑ ShopClues.com, the new kid on the block
  11. ↑ ShopClues to double headcount to 1,500 by March 2016
  12. ↑ Company Overview of Clues Network (P) Limited
  13. ↑ Nexus Partners, Helion Venture invest Rs 54 crore in ShopClues.com
  14. ↑ Eretail Conference | Ecommerce Conference | Internet Retail Expo - Indian eRetail Show 2013
  15. ↑ E-commerce firm ShopClues valued at $1.1 billion in new funding
  16. ↑ ShopClues raises fresh funding, enters the $1-bn valuation club
  17. ↑ Shopclues Says Valued At $1.1 Billion After GIC Investment, Plans IPO In 2017
  18. ↑ Indian e-commerce marketplace ShopClues gets a $10 million injection
  19. ↑ ShopClues raises $10 mn
  20. ↑ "ShopClues raises third round of funding; Nexus Venture Partners and Helion invest - nexus". nexus. 2013-03-15. Retrieved 2016-04-28.
  21. ↑ E-com marketplace ShopClues raises $100M in Series C funding led by Tiger Global
  22. 1 2 ShopClues eyes Rs 350 cr revenue in 2013
  23. ↑ http://articles.economictimes.indiatimes.com/2014-07-30/news/52238043_1_brand-campaign-creative-agency-shopclues-com
  24. ↑ "About Us". shopclues. Retrieved 2016-04-28.
  25. ↑ More tier III cities like Jhansi, Ranchi going online to shop
  26. ↑ Ray-Ban drags online marketplace Shopclues to Court for selling fake eyewear
  27. ↑ Pani, Priyanka (2017-03-15). "Spat at ShopClues spills from bedroom to boardroom". The Hindu Business Line. Retrieved 2017-03-17.
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