Company Name : Shopclues
Funding Amount : Undisclosed
Investor(s) GIC, Tiger Global, Nexus Venture Partners.
Funding Round : Series E
Online retailer ShopClues raised an undisclosed amount of funding in its Series E round. With this deal, ShopClues’ valuation stands at more than $1.1 billion.
The round is led by Singapore based GIC. Existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding.
Sanjay Sethi, CEO & Co-founder, ShopClues said, “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 company in a statement said that ShopClues’ GMV has grown over 4X since January 2015, and the business is shipping out over 3.5 Million items on a monthly basis, attracting a traffic of more than 100 Million visits a month.
The capital raised will be used to focus on building and rolling out new products to enable the SME merchants to digitize their business and to further entrench itself as the e-commerce operating system on the cloud.