Wednesday, 7 December 2016

Shopclues trims GMV target to $2 bn in 2017

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Online marketplace Shopclues, which plans a Nasdaq listing soon has trimmed its gross merchandise value (GMV) expectations for calendar 2017 to USD 2.0 billion. The startup had earlier estimated GMV at USD 2.3-2.5 billion but demonetization led to a reduction in sales by around 30 percent, Business Standard reported today. 

An initial public offer (IPO), however, will come only once the market scenario is more suitable. Flipkart too had made similar plans to get listed, but the volatile e-commerce market conditions have led the company to delay an IPO indefinitely. The company has reassured that the traffic on its website is almost back to normal.

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