Shopclues raises Series E funding

Mass-market online retailer ShopClues.com has received an undisclosed amount of funding in its Series E round led by GIC, the largest sovereign wealth fund of Singapore. 

With this deal, ShopClues’ valuation stands at more than $1.1 billion. Existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding. The capital raised will be used to focus on building and rolling out new products to enable the SME merchants to digitise their business, and to further entrench itself as the eCommerce operating system on the cloud, ShopClues said.

“As a long-term investor, GIC believes in the strong growth potential of India’s eCommerce industry. We are confident that ShopClues’ merchant-first mindset and solid management team will enable the company to expand its reach, especially in the  tier II and  tier III cities, bringing its unique value proposition to even more consumers and merchants,” GIC’s Head of Asia Equities Research Ravi Balasubramanian said.