Fri. Mar 29th, 2024

ShopClues, the online retailing startup, has appointed former V-Mart retail executive Deepak Sharma as its Chief Finance Officer (CFO). This appointment is aligned with the company’s plans to go public in the near future.

Deepak Sharma is a chartered accountant, who has previously worked with engineering company Punj Lloyd Ltd and Mitsui & Co. India Pvt. Ltd. He was also responsible for leading V-Mart’s IPO in 2013. He joined Shopclues in May, according to his LinkedIn profile.

Sanjay Sethi, co-founder and CEO of ShopClues, said,

He (Deepak Sharma) is someone who’s already delivered one of the best retail IPOs in the past. We are looking to go public in the next fiscal and are meticulously tracking the market sentiments. Our revenue has doubled since November last year along with us becoming unit economics positive.

The company has recently raised a debt funding round of Rs 50 crore from InnoVen Capital. It is backed by GIC, Tiger Global Management, Nexus Venture Partners and Helion Venture Partners, among others. ShopClues is also said to be in talks with bankers to rack up a new financing round before filing its listing application.

Earlier this year, there were media reports which suggested that the company has initiated talks with Credit Suisse and Goldman Sachs for the IPO, which is likely to take place in the first quarter of 2018-19.

As of the company’s financials, for the fiscal year 2016, ShopClues reported losses of Rs 383 crore over a revenue of Rs 179 crore. 

By Jeet