BENGALURU: Mass market online retailer ShopClues has received funding of $100 million led by Tiger Global, after turning down offers from the likes of Alibaba, Flipkart and Snapdeal, all of whom have been aggressively courting the three- year-old company.
The deal which closed in early January, values ShopClues at $350 million, and includes participation from existing investors Helion Venture Partners and Nexus Venture Partners.
Apart from the recent funding, ShopClues has so far raised over $115 million.
"We will be investing money in technology, marketing and everything else that will enable more sellers to come on our platform," said Radhika Aggarwal, co-founder and chief marketing officer at ShopClues. "Our focus is to be the largest platform for unstructured, mass market, high-margin product categories." ShopClues plans to close this fiscal with Rs 2,000 crore in gross merchandise volume (GMV) and break even in mid 2016.
ShopClues gets 0 million funding from Tiger Global - TOI Mobile | The Times of India Mobile Site
