ShopClues has seen quite good amount of growth in a relatively short time. It launched its operations in November 2011, the company’s revenue grew to Rs.50 crore in the financial period between 2012 and 2013. The company has now stated that they will be looking at achieving revenues of Rs.1000 crore in the financial year 2014-2015.
The company thus expects to break even in the first months of 2015 after they achieve this target. The company’s marketplace model and the operations are doing well. Currently, they have hitting 3 lakh transactions every month and have said that they have outperformed when it comes to their projection of Rs. 350 crore for this financial year. ComScore says that the site has grown by 500% over the last year with increase in transactions as well as sellers signing up all over the country. Further, the site is showing a 150-200% year-on-year growth.
The company currently has signed up 25000 merchants across the country and has 10 million visitors on its site every month. They have listed 2.8 million products across 1475 categories. The company’s growth also has another interesting aspect. They have just raised venture funding to the tune of $15 million once, two years ago. In a time where many ecommerce companies are going for multiple rounds of venture funding, ShopClues seems to be a different kind of operation. The company has been spending its funding wisely and has been focused on its growth. These efforts seem to be paying off as the company has announced that around 60% of its customers are repeat buyers.
There was a time this year, when the future of ShopClues was in jeopardy as its founder and CEO, Sandeep Aggarwal was found to be guilty of Insider Trading during his time at Wall Street before he started ShopClues. With him pleading guilty to the charges, co-founder Sanjay Sethi took over the responsibilities as CEO of the company and the company has been doing well.
While this was coming to pass, many sellers on the ShopClues platform were concerned about their future. With Sanjay Sethi in charge, and the firm registering some good growth, sellers have now no reason to worry. The company is doing well and given its trajectory, it looks set to reach its goals by 2015.