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'Shopclues worth $1.1 bn after latest GIC funding'
Jan '16
Online retailer Shopclues estimates it is valued at more than $1.1 billion after raising over $100 million in Series E round, led by GIC, the largest sovereign wealth fund of Singapore, which it said was its last before a public share listing next year.

Existing investors including New York-based hedge fund Tiger Global Management and Nexus Venture Partners participated in this round of funding.

With the latest round of funding, Shopclues has become another Indian e-commerce company to become a unicorn after companies like Ola, Snapdeal, Flipkart and Paytm. The company is aiming to hit $1 billion GMV by the end of this fiscal.

Shopclues said its gross merchandise value (GMV) has grown over four times since January 2015, and that it ships more than 3.5 million items every month.

The company was founded in 2011 by former Wall Street analyst Sandeep Aggarwal, ex-eBay executive Sanjay Sethi and Nordstorm executive Radhika Ghai Aggarwal. (SH)

Fibre2Fashion News Desk - India

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