Gurugram-based ecommerce platform Shopclues has managed to cut down its losses to ₹68.58 crores in FY19, as reported by YourStory. Compared to ₹208.14 crores in FY18, the ecommerce platform has managed to trim its losses by 67%.
Apart from the losses, Shopclues’ operational revenue fell by around 25% to ₹204.07 crores in FY19 from ₹271.2 crores in the previous fiscal. Moreover, the total revenue also fell by 23% to ₹209.46 crores in FY19 from ₹273.30 during FY18.
Talking to YourStory about the revenues, Sanjay Sethi, CEO and co-founder of Shopclues, said, “With revenues remaining relatively flat for us, we have been able to reduce the losses by 67 per cent. Following the merger with Qoo10, we strongly feel that ShopClues, with our differentiated position as a value-for-money marketplace and our thriving ecosystem of more than seven lakh small and medium merchants, will now have access to global markets via their strong presence in Southeast Asia.”
Earlier this year, it was reported that Singapore’s online marketplace Qoo10 had acqui-hired Shopclues in order to foray into the Indian market. The latest partnership is expected to open up new strategic opportunities for both companies.
Founded by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal, Shopclues is an ecommerce marketplace offering an array of products across multiple categories.
Qoo10 is an ecommerce platform that serves the small and medium enterprises (SMEs) in Southeast Asia via its localised online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong and other regions.
Other ecommerce platforms competing with Qoo10 in the Indian market include titans like Amazon, Flipkart, Snapdeal and Paytm Mall.