Indian Startup Shopclues is an ecommerce venture based on the ‘managed marketplaces’ model. In this model the company have its own inventory or make any purchases for retail but simply provides a platform to establish a connection between buyers and sellers in a managed environment.Indian startup #Shopclues Post Funding Valuation goes to $1.1B Click To Tweet
The company raised close to $150 million from Singaporean sovereign-wealth fund GIC Pte Ltd. and existing investors Tiger Global Management Corp. and Nexus Venture Partners, according a person with knowledge of the deal’s terms. Investors valued the company at $1.1 billion, making it at least the seventh Indian startup valued to be at more than $1 billion, according to Wall Street Journal calculations.
The funds will be spent on advertising and improving technology as the company plans to reach profitability ahead of a planned initial public offering in 2017, Shopclues Chief Executive Sanjay Sethi said. (source)
The gross merchandise value of all the goods to be sold on Shopclues is on track to hit $750 mn. While Flipkart and Snapdeal go for Mobile phones and other high end stuff, Shopclues goes for things like flyswatters and $3 saris for the small towns and villages.
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