E-commerce firm Shopclues.com has raised $10 mn from Helion Venture Partners, Nexus Ventures and Netprice.com Chief Executive Officer Teruhide Sato, according to a new report.
The investment is an interesting development given that less and less risk capital is chasing ecommerce companies these days because of regulatory uncertainty and companies not showing any signs of profitability.
The Economic Times reported that the company which had raised a total of Rs 81 crore ($15 m) from investors is expected to clock Rs 120 crore sales by March 2013.
Unlike the original ecommerce model followed by the likes of Flipkart, where companies kept inventory and sold products directly to the customers, ShopClues is a managed marketplace where it acts a platform for merchants to sell to the consumer.
The Gurgaon based company clocked Rs 100 cr in gross sales in the year 2012 (Jan- Dec) and is targetting to close Rs 350 cr in sales in 2013, Shopclues founder Sandeep Aggarwal had told NextBigWhat in an earlier interaction.
Aggarwal mentioned that ShopClues is making positive gross margin in every transaction and projected to become first eCommerce company in India to achieve profitability by the end of 2013.