Wednesday, 7 December 2016

ShopClues eyes $2 bn sales in 2017, to file for IPO next year

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Marketplace firm ShopClues is looking to garner sales worth around USD 2 billion on its platform in 2017 and plans to file for public share listing at Nasdaq by September next year. With last investment round in January, ShopClues is valued at around Rs 7,100 crore. We were earlier expecting gross merchandise volume of USD 2.3-2.5 billion in 2017 but due to demonetisation, we expect our topline to be around USD 2 billion," ShopClues CEO and co-founder Sanjay Sethi told. 

On plans to go for public listing, Sethi said, "We expect to file our documents with Nasdaq for listing by September 2017 but the IPO will depend on market condition." He further said the customer traffic on its platform has fallen 30 per cent after the scrapping of old Rs 500 and Rs 1,000 notes by the government on November 8.

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