After experiencing a financial turmoil in 2018 and slashing workforce by 50 per cent in July 2019, ShopClues, an e-commerce space, now, has secured ₹7.86 crore as funding from its parent company Clues Network Inc. The Gurugram-based platform ShopClues has issued 4,320 equity shares to Clues Network Inc, at a premium of Rs 18,190 per share, reported by Yourstory.
ShopClues posted losses of Rs 208 crore for the year ended March 2018, narrowing from a loss of Rs 347 crore, in the previous financial year.
ShopClues was founded by Sandeep Aggarwal in 2011. Headquartered in Gurugram, it is an online marketplace owned by Clues Network Pvt.
The firm, which has raised about $250 million so far, focuses on Tier II and III cities, is currently, aiming on profitability.
Whereas, since past two years, ShopClues has steadily losing momentum, with the orders dropping to less than 30K per day.
Some of the similar e-commerce unicorns includes Flipkart, Amazon, Alibaba, Paytm Mall, Snapdeal, Myntra and many more.