ShopClues is an Indian

online marketplace An online marketplace (or online e-commerce marketplace) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are the primary type of multichannel ecommerce and can be a wa ...

, owned by Clues Network Pvt. Ltd. The company was established in July 2011 by

Sanjay Sethi Sanjay Sethi (born 27 June 1972) is a mechanical engineer and Internet entrepreneur. In 2011, he co-founded ShopClues, a Gurgaon-based online marketplace for unbranded goods. He is currently the Chief Executive Officer of the company. Education S ...

, Sandeep Aggarwal and Radhika Aggarwal. In 2015, ShopClues was valued at US$1.1 billion, with

Tiger Global Tiger Global Management, LLC (often referred to as Tiger Global and formerly known as Tiger Technology) is an American investment firm founded by Chase Coleman III, a former Tiger Management employee under Julian Robertson, in March 2001. It ma ...

, Helion Ventures, and Nexus Venture Partners as major investors. In 2019, the company was acquired by Singapore-based

Qoo10 Qoo10 was a Southeast Asian e-commerce platform, formerly known as GMarket, headquartered in Singapore. It operates localized online marketplaces across Singapore, Indonesia, Malaysia, mainland China, and Hong Kong, and on one international onl ...

in an all-stock deal valued at approximately US$70 million, representing one of the largest valuation meltdowns for an Indian-based startup.

History

ShopClues provides unstructured categories of home and kitchen, fashion, electronics and daily utility items. In June 2015, ShopClues launched a financing platform Capital Wings to fund its merchants' businesses. In December 2015, the company invested towards seed funding in HeyBiz, which is a real-time shopping assistant app. In January 2016, ShopClues raised US$100 million from

Tiger Global Management Tiger Global Management, LLC (often referred to as Tiger Global and formerly known as Tiger Technology) is an American investment firm founded by Chase Coleman III, a former Tiger Management employee under Julian Robertson, in March 2001. It ma ...

and joined the ''Unicorn Club''. In 2016, ShopClues launched its Android app for sellers, and later added iOS apps. In May 2016, it partnered with

GoDaddy GoDaddy Inc. is an American publicly traded Internet Domain name registry, domain registry, Domain name registrar, domain registrar and web hosting company headquartered in Tempe, Arizona, and incorporated in Delaware. GoDaddy is the world's fif ...

to assist its small and medium entrepreneurs in starting their own e-commerce websites. In July 2016, launched an ad platform, AdZone wherein sellers may market their products with the help of native and custom advertising. In June 2016, the online marketplace claimed to have half a million sellers on its platform. In July 2016, ShopClues acquired Momoe, a Bangalore-based mobile payments company. In 2019, ShopClues was acquired by Singapore-based

for US$70 million.

Key people

- Co-Founder and Chief Executive Officer (CEO) * Sandeep Agarwal - Co-Founder and Chief Operations Officer (COO) * Radhika Aggarwal - Co-Founder and Chief Business Officer (CBO)

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 Ray-Ban is a brand of luxury sunglasses and eyeglasses created in 1936 by Bausch & Lomb. The brand is best known for its Wayfarer and Aviator lines of sunglasses. In 1999, Bausch & Lomb sold the brand to Italian eyewear conglomerate Luxottica ...

products. * The site has had a number of complaints both from customers and from other businesses claiming that the site is selling fake products. * In 2013, founder and CEO Sandeep Agarwal was charged with

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...

and arrested in the US. Agarwal subsequently

pleaded guilty In law, a plea is a defendant's response to a criminal charge. A defendant may plead guilty or not guilty. Depending on jurisdiction, additional pleas may be available, including '' nolo contendere'' (no contest), no case to answer (in the ...

and entered a

plea bargain A plea bargain, also known as a plea agreement or plea deal, is a legal arrangement in criminal law where the defendant agrees to plead guilty or no contest to a charge in exchange for concessions from the prosecutor. These concessions can include a ...

on the charges. Agarwal resigned from ShopClues in 2013.

References

External links

* {{official website, https://www.shopclues.com/ Companies based in Gurgaon Online marketplaces of India Privately held companies of India 2011 establishments in Haryana Retail companies established in 2011 Internet properties established in 2011 Indian brands

History

Key people

Controversy

See also

References

External links