Shopclues, the online managed marketplace from India has raised a series E round of $100 Million from Tiger Global.
Talking to the media, Sanjay Sethi, CEO – Shopclues confirmed the investment and said that the company will now focus on competing with major eCommerce players in the country, including Flipkart, Amazon and Snapdeal.
There are talks about Shopclues planning to acquire a few companies to grow the business and market and to optimize the processes, however, there was no official word on the same. The company, however, is aiming to grow its annual GMV to $1 Billion.
The last funding round of $100 million for Shopclues, which valued the company at $350 million came in January 2015. Started by the trio of Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi in 2011, Shopclues plans to establish the Managed Marketplace Model in India, currently, it has over 100,000 sellers on the platform.
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