India’s Shopclues.com Raises Funding Led By Tiger Global Management

Radhika Ghai Aggarwal, co-founder of Shopclues.com.

Shopclues.com

Shopclues.com, an Indian online marketplace for small businesses, has raised $100 million in its latest funding round, valuing the startup at $500 million.
The current round was led by Tiger Global Management, with participation from existing investors, Clues Network Inc., the company that owns and runs Shopclues.com said in a statement.
Founded in 2011 in Silicon Valley, Shopclues.com is an Indian marketplace where the firm manages the sales for its clients. The company says it conducts about 1.5 million transactions every month with 70% of them coming from smaller towns and cities in India. The site gets more than 40 million monthly visitors, it said.

The other existing investors in shopclues.com include India-focused fund  Helion Venture Partners and Nexus Venture Partners, based in California with offices in Mumbai and Bangalore.

Shopclues.com competes with Flipkart.com and Snapdeal.com in India as well as the local portals of Amazon.com Inc., and eBay Inc.

The funding comes at a time when more Indians are going online to buy products and services. That trend is fueled by the growth of low-cost smartphones and declining subscription fees for Internet access.

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