Indian eCommerce marketplace, Shopclues has raised over $100 million in Series E round, led by GIC, the largest sovereign wealth fund of Singapore. Existing Investors including Tiger Global and Nexus Venture Partners also participated in the round. This Gurgaon based platform is valued at $1.1 billion as per the company release.
The company had raised $100 million in Series D last January led by Tiger Global Management. Last year, company’s pre-money valuation was $350 million, which now has tripled making it one of the home grown unicorns .
The company was founded by Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi. It’s basically an eCommerce platform which is connecting sellers with buyers and has listed over 100,000 sellers on its website.
Shopclues is the yet another Indian eCommerce company to become a unicorn after homegrown companies like Ola, Snapdeal, Flipkart and Paytm. The company is aiming to hit $1 billion GMV by the end of this year.
Gurgaon based company is competing with Amazon, Flipkart, Snapdeal & Paytm among the top horizontal marketplace models in India. While other competitors are targeting more high range and branded products, Shopclues is differentiating itself away by also merchandising low end products more apt for Tier II & Tier III market consumers.