ShopClues

ShopClues is an Indian online marketplace owned by Clues Network Pvt. Ltd.[2] It was established in July 2011 in Silicon Valley by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal.[3] Based in Gurgaon, India,[4] the company claims to have over 600,000 merchants and 28 million products on its platform, serving over 32,000 pincodes across the country.[5]

Shopclues.com
Screenshot
Type of site
E-commerce
Available inEnglish
FoundedJuly 2011 (July 2011)
HeadquartersGurugram, Haryana, India
Area servedIndia
Founder(s)
IndustryInternet
ServicesOnline shopping
Revenue ₹209.46 crore (US$29 million) (2019)[1]
URLwww.shopclues.com
Current statusActive

Valued at US$1.1 billion in 2015,[6] ShopClues has Tiger Global, Helion Ventures, and Nexus Venture Partners as major investors.[2] In 2019, it was acquired by Singapore-based Qoo10 in an all-stock deal valued at approximately US$70 million, representing one of the largest valuation meltdowns for an Indian-based startup.[7]

Background

ShopClues provides unstructured categories of home and kitchen, fashion, electronics and daily utility items.[8] Around 70% of its Gross Merchandising Value (GMV) is received from Tier – II and Tier – III cities.

In June 2016, the online marketplace reached half a million sellers on its platform, claimed to be the highest in the Indian e-commerce industry.[9] The employee strength as of 2017 is more than 700 people.[10]

Key people

Mobile application

In 2015, the e-commerce player launched its Android app for sellers, and later added iOS apps.[11]

Growth
  • In June 2015, ShopClues launched a financing platform Capital Wings to fund its merchants' businesses.[12]
  • In May 2016, joined hands with GoDaddy to assist its small and medium entrepreneurs in starting their own e-commerce websites.[13]
  • In July 2016, launched an ad platform, AdZone wherein sellers may market their products with the help of native and custom advertising.[14]

Acquisition

In July 2016, ShopClues collaborated with a hybrid e-commerce company, StoreKing to promote its products on the latter's app. In the same year, the company acquired Momoe, a Bangalore-based mobile payments company.[15][16]

In 2016 ShopClues acquired the IP of a SaaS platform from Squeakee Media which was founded by Abrar Shaikh in Mumbai, India.[17]

In 2019, ShopClues was acquired by Singapore-based Qoo10 with stock valued at US$70 million.[7]

Investment

In December 2015, the company invested towards seed funding in HeyBiz, which is a real-time shopping assistant app.[18]

Funding

In January 2016, ShopClues raised US$100 million from Tiger Global Management and joined the Unicorn Club.[19]

Controversy
  • In August 2015, the owner of the brand Ray-Ban, Luxottica Group accused ShopClues of allegedly selling fake products and took up the issue in court. The Delhi High Court pulled up ShopClues for breaching its earlier order and continuing the sale of Ray-Ban products.[20]
  • The site has had a number of complaints both from customers[21][22] and from other businesses claiming that the site is selling fake products.[20][23]
  • In 2013, founder and CEO Sandeep Agarwal was charged with insider trading and arrested in the US.[24] Agarwal subsequently plead guilty and entered a plea bargain on the charges.[25] Agarwal resigned from ShopClues in 2013.

Awards and recognition
  • In 2016, received the Gold Award at APAC Effie Awards for Ghar Wapsi campaign in David vs. Goliath category.[26]
  • In 2016, won Marketing Campaign of the Year at CMO Asia Awards.
  • In 2016, received Award for Consumer Insight at CMO Asia Awards.
  • In 2016, became the bronze winner in Film 12B Retail Advertising category for Ghar Wapsi Sale – Bhains Ki Aankh campaign at Abby Awards.
  • In 2016, received an award in Search Marketing at 6th India Digital Awards function.[27]
  • In 2015, won Silver at Effie India Awards for Ghar Wapsi Campaign.[28]
  • In 2015, honored with Advertising Campaign of the Year by Indian e-retail Awards for its TVC, From Ding to Dong.[29]
  • In 2015, termed as the Coolest Start-Up in India by Business Today.[30]
  • In 2015, received Interactive – Remarketing and Retargeting at DMA Asia ECHO Awards.[31]
  • In 2013, featured in Red Herring Asia Top 100 Winners List.[32]
  • In 2013, bagged Best e-Commerce Site of the Year award by Global Youth Marketing Format Social Media Summit and Awards.
  • In 2013, received the 'Best e-Retailer of the Year – Value for Deals' title by Franchise India at 2ndNational Indian e-Retail Awards.

See also

References
  1. Bhalla, Kritti. "Shopclues Narrows Losses To INR 68 Cr Even With Reduced Revenue". inc42.com. inc42. Retrieved 30 May 2020.
  2. "ShopClues plans acquisition spree to accelerate expansion". Mint. 8 December 2015. Retrieved 5 November 2017.
  3. "ShopClues.com rolls out official brand stores". 3 April 2013. Retrieved 5 November 2017.
  4. "Shopclues.com". Retrieved 5 November 2017.
  5. "ShopClues poised for a strong rural push". The Hindu Business Line. 21 July 2017. Retrieved 5 November 2017.
  6. "StoreKing: The friendly, neighbourhood etailman". Forbes India. 7 July 2016. Retrieved 5 November 2017.
  7. {{cite web|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/singapore-based-ecommerce-platform-qoo10-acquires-shopclues-in-all-stock-deal/articleshow/71841318.cms%7Ctitle=Singapore-based e-commerce platform Qoo10 acquires ShopClues in all-stock deal|work=[[The Economic Times|accessdate=2019-12-17}}
  8. "Standing Out". Business Today (India). 21 June 2015. Retrieved 5 November 2017.
  9. "ShopClues to help vendors go online with GoDaddy". The Economic Times. 16 May 2016. Retrieved 5 November 2017.
  10. "We've already toppled Flipkart, Snapdeal: Shopclues CEO". Business Standard. 26 January 2016. Retrieved 5 November 2017.
  11. "ShopClues brings an Android based seller app to boost its merchants business". 29 January 2016. Retrieved 5 November 2017.
  12. "ShopClues launches financing platform for SMBs". Business Standard. 12 June 2015. Retrieved 5 November 2017.
  13. "ShopClues and GoDaddy tie up to offer online stores for small businesses". International Business Times. 18 May 2016. Retrieved 5 November 2017.
  14. "ShopClues launches native ad platform AdZone". 26 July 2016. Retrieved 5 November 2017.
  15. "Shopclues buys a payments company just like its competitors". 15 July 2016. Retrieved 5 November 2017.
  16. "With Rs 330 crore in pocket, Shopclues goes shopping". Hindustan Times. 7 April 2016. Retrieved 5 November 2017.
  17. https://www.linkedin.com/in/abrar-s-187a6512/
  18. "ShopClues invests in chat app HeyBiz". VCCircle. 8 December 2015. Retrieved 5 November 2017.
  19. "ShopClues joins billion dollar club". Mint. 13 January 2016. Retrieved 5 November 2017.
  20. "Ray-Ban drags online marketplace Shopclues to Court for selling fake eyewear". The Economic Times. 27 August 2015. Retrieved 5 November 2017.
  21. "Shopclues.com Reviews and Ratings - MouthShut.com". www.mouthshut.com. Retrieved 17 October 2019.
  22. "shopclues-complaints | Complaint Box India". Retrieved 17 October 2019.
  23. Malviya, Sagar (16 November 2018). "L'Oréal India wins judgement on counterfeits against Shopclues". The Economic Times. Retrieved 17 October 2019.
  24. Layak, Suman. "How ShopClues founder Sandeep Aggarwal survived a run-in with Preet Bharara and kept his dreams afloat in adversity". The Economic Times. Retrieved 20 July 2020.
  25. "How ShopClues founder Sandeep Aggarwal survived a run-in with Preet Bharara and kept his dreams afloat in adversity". The Economic Times. Retrieved 17 December 2019.
  26. "ShopClues Ghar Wapsi campaign gets home a Gold from the APAC Effie Awards 2016". 25 April 2016. Retrieved 5 November 2017.
  27. "6th India Digital Awards felicitates worthy achievers". 12 February 2016. Retrieved 5 November 2017.
  28. "ShopClues Wins Silver Awards At The Effies 2015". 29 January 2016. Retrieved 5 November 2017.
  29. "ShopClues.com wins accolade for 'Advertising Campaign of the Year' at Indian e-retail awards 2015". 21 April 2015. Retrieved 5 November 2017.
  30. "Coolest Start-ups in India 2015". Business Today (India). Retrieved 5 November 2017.
  31. "2015 DMA Asia ECHO Winners - 2015 DMA ASIA ECHO™AWARDS". Retrieved 5 November 2017.
  32. "2013 Red Herring Asia Top 100 Winners". Retrieved 5 November 2017.
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