The ecommerce blood bath is ON and after Flipkart’s LetsBuy acquisition, we are hearing news of Exclusively.in looking for a buyer for the site.
Today’s ToI has a brief quote from Sanjay Guleria, cofounder of Exclusively.
Exclusively.in, backed by the same investors (Accel, Tiger and Helion), has sacked several employees and is up for sale.The founders of the fashion flash sales site are now focusing their resources on their private label portal, SherSingh.com. “Currently we are running Exclusively.in but we are focusing on our private label business which requires less human capital”. [source]
Exclusively raised $16mn funding from Tiger Global Management, with participation from Accel Partners India and Helion Venture Partners in May 2011 (and $2.8mn in November 2010) and pivoted from member only site to a traditional ecommerce model in October 2011.
“We saw the future of sales shifting on our site from a members-only to an open site due to an overwhelming demand for our products that short-lived flash sales could not meet. We felt the best way to service that demand was to move away from a consignment model in order to provide fully curated collections with a much broader selection and a full range of sizing to a wider consumer base.” [Sanjay Guleria]
The company has laid off several employees and as per reports, the site is up for sale now. Exclusively.
As far as the company is concerned, they will now focus on Shersingh, a private label portal they launched in November 2011.
Recommended Read: Ostrich time for E-Commerce Companies in India?
Forum Discussion: Predict future mergers and acquisitions in Indian E-commerce?