Being valued at $1.1 billion and saying about itself “being on the verge of becoming profitable”, ShopClues is a rising star in India. Up next: IPO. ShopClues is a marketplace that was founded in 2011. Interestingly, although it is an Indian e-commerce player, the company was founded in the US and is still registered in Delaware, making a coming listing at the NASDAQ easier.
International Business Times, India on ShopClues:
ShopClues has been a strong contender in the race and recently joined the billionaire club in a short span of four years. The site already has more than 100 million monthly visitors and ShopClues has made a name for itself by being a merchant-focused company.
ShopClues tries to set itself apart from competitors by being merchants friendly. Its founder calls ShopClues “the platform for merchants first, then customers.”. This may have directly led to the fact that ShopClues is most strong in tier-2 and tier-3 cities.
In an interview with International Business Times, ShopClues CEO co-founder Sanjay Sethi talked about the plans for the company, from onboarding 1 million merchants this year to the IPO:
We are on the verge of becoming the first profitable Indian e-commerce website and should be able to launch our IPO by the third quarter of FY2017. ShopClues aims to have a GMV of $2 billion by the next calendar year. We will double our merchant base from the present level to 10 lakh in 12-18 months. We are looking at further growing our Lifestyle, Home and Kitchen, and refurbished categories. […]
ShopClues ramped up its product offerings across categories and at present has over 50 million listed products on over the platform. Subsequently, this increased the overall sales and with it the revenue inflow of ShopClues.
Additionally, multiple categories on the platform including, Home and Kitchen, Refurbished mobiles, as well as Lifestyle and Fashion, are either profitable or are close to achieve profitability.
ShopClues talking about an IPO in 2017 is not news per se. Almost a year ago, in January of 2016, Sethi told Quartz that they are hoping to do an IPO about 18 months from then.
So, six months remaining.
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