The young Indian e-commerce marketplace, Shopclues suffered a setback in July when the company’s founder and CEO Sandeep Aggarwal was arrested by the FBI in California in relation to charges of insider trading. Sandeep was out on a $500,000 (Rs 3 crore) bail and was not allowed to leave the country. The law will now take its course but what does it mean for ShopClues, which is responsible for 19,000 online merchants selling their products.
After the new of the arrests surfaced, expectations fell on Sanjay Sethi, co-founder and Corporate Vice President of Products at Shopclues, who is responsible for process and technology at the marketplace’s online operations, to take up the mantle. The company has officially announced today that Sanjay has indeed taken over from Sandeep as the CEO of the company. Sanjay has an experience of 18 years in the Internet space and worked as the Global Product Head for Shipping & Logistics, Payment & Billing at Ebay before he co-founded ShopClues. He also has had stints at HCL Perot Systems, Tradebeam, IIS Infotech and SAIL.
How will this new development impact ShopClues and thereby its merchants?
We believe that ShopClues is in good hands when it comes to its leadership even after the setback they have suffered. Before he co-founded ShopClues, Sandeep was a Wall Street Analyst and writer. His experience did not directly lay in running an e-commerce firm in a dynamic market like India. Sanjay, on the other hand has a deep experience in this domain, having been the Global Product Head at Ebay. Ebay practically invented online marketplace model and help it scale to a much bigger system. Sanjay will thus be better attuned to the challenges that arise in running a e-marketplace in the country and will thus look at enhancing the scale and experience of Shopclues. ShopClues is known for its good relations with online sellers and many of them came out in support of Sandeep after the news of his arrests.
If you have been selling on ShopClues over the last few months, do let us know how your experience has been, in the comments.