Online marketplace Shopclues is in talks to raise $150-200 million (Rs 990-1,320 crore) at a valuation of $650-700 million to double its estimated worth in under a year and inch closer to its billion dollar rivals, according to media reports.
The e-commerce company is also contemplating an initial public offering, according to Sanjeev Aggarwal, a director on the board of Shopclues. The company has not submitted documents for an initial public offering (IPO) with market regulator the Securities & Exchange Board of India.Online marketplace Shopclues is in talks to raise $150-200 million (Rs 990-1,320 crore) at a valuation of $650-700 million to double its estimated#
Shopclues which ranks behind Flipkart, Snapdeal and Paytm in terms of sales, raised $100 million from New York-based hedge fund Tiger Global Management in January in a round that valued the company at $350 million. According to sources, Tiger Global is expected to invest in Shopclues again in its latest fundraising round.
Radhika Aggarwal, chief marketing officer at Shopclues, confirmed the company was in talks to raise funds but declined to comment on the valuation or a potential share sale.
Soaring valuations of Indian ecommerce firms this year have become a serious concern for investors, who are holding back their money and forcing companies to focus on strengthening business models. In recent months, several startups have struggled to raise capital meant to grow their businesses. (SH)
ALCHEMPro News Desk – India
marketing@alchempro.com
