Gurugram-based Clues Network Pvt Ltd, the company that owns and operates ShopClues, an e-commerce marketplace, has posted ₹273 crore in revenues in FY18, up by 46%, from ₹187 crore in FY17, as per the filings made to the Ministry of Corporate Affairs (MCA), sourced by business intelligence platform Tofler.
The operational revenues accounted for ₹271 crore during the current fiscal. The significant portion of operational revenues was contributed by the sale of services, standing at ₹220 crore, more than 80% of the overall revenues.
The rise in revenues is particularly interesting, considering, the company’s revenues barely grew by 5%, during the previous fiscal.
Furthermore, ShopClues managed to shrink revenues by 40% to ₹208 crore, in the FY18.
As the company managed to lower its total expenses by around 10% to ₹481 crore, in the current fiscal, from ₹534 crore in FY17, further helped it to cut losses.
Of the total expenses, employee benefit expenses stood at ₹111 crore, while advertising promotional expenses stood at ₹130 crore, during the current fiscal, both coming down by around 10%, compared to the previous fiscal.
ShopClues was founded by Sandeep Aggarwal, Radhika Aggarwal, and Sanjay Sethi in 2011. It provides an online marketplace for customers to shop across various categories like clothing, mobile, electronics, sports, and kitchen.
Earlier this year in August, ShopClues raised ₹110 crores from its existing investors including private equity investment firm Matrix Partners, Singapore-based sovereign wealth fund GIC Private Limited, along with Ronnie Scewvala‘s Unilazer Ventures.
The company has raised more than $250 million, across all funding round from investors like InnoVen Capital, Tiger Global Management, Helion Venture Partners, and Nexus Venture Partners, according to Crunchbase.
ShopClues competes with giants like Amazon and Flipkart, in the e-commerce segment, along with the emerging player Paytm Mall.