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ShopClues raises over $100 million in funding

Company aims on bringing 10 million sellers and 1 billion products to the online domain in the next three years

Press Trust of India  |  New Delhi 

Online marketplace ShopClues today said it has raised over $100 million (more than Rs 615 crore) in Series D from a group of investors led by Tiger Global.

The new round also saw participation from majority of existing investors, ShopClues said in a statement.

Previously, ShopClues had raised funds in Angel, A, B and C rounds from leading investors like Helion Venture Partners and Nexus Venture Partners.

The company claims to have brought 100,000 sellers and 10 million products online and will focus in the next three years on bringing 10 million sellers and 1 billion products to the online domain, it added.

"ShopClues has emerged as the leading marketplace of choice for millions of small and local businesses seeking to reach mass consumers in India's tier II and tier III cities," Tiger Global's Lee Fixel said.

Founded in 2011, ShopClues does 1.5 million transactions per month with 70% of them coming from tier II and & III cities.

The e-commerce firm gets over 40 million visitors/month.

In August last year, the company said it expects the gross merchandise value (GMV) to hit Rs 1,500 crore for the current fiscal ending March 2015.

Avendus Capital was the advisor to this transaction.

First Published: Mon, January 19 2015. 19:24 IST