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ShopClues appoints V-Mart exec as CFO to drive IPO

21 July, 2017

Clues Network Pvt. Ltd, which runs e-commerce company ShopClues, said in a statement it has appointed former V-Mart Retail Ltd executive Deepak Sharma as its chief financial officer.

Sanjay Sethi, co-founder and CEO of ShopClues, said Sharma’s appointment will bring “greater velocity” in achieving profitability and prepare for an initial public offering.

Sharma, a chartered accountant, has previously worked with engineering company Punj Lloyd Ltd and Mitsui & Co.
India Pvt. Ltd. Sharma had led V-Mart’s IPO in 2013. He joined Shopclues in May, according to his LinkedIn profile.

In March this year, media reports had said that the company had initiated talks with Credit Suisse and Goldman Sachs for the IPO, which is likely to take place in the first quarter of 2018-19.

ShopClues has so far raised an estimated $200 million from investors, including Singapore sovereign wealth fund GIC, Tiger Global Management, Nexus Venture Partners and Helion Venture Partners.

In its last funding round, it entered the unicorn club, having surpassed a valuation of $1 billion. It raised an undisclosed amount in a Series E round led by GIC, with participation from existing investors Tiger Global and Nexus Venture.

In May, the company raised Rs 50 crore (around $7.7 million) in venture debt from InnoVen Capital.

Last week, ShopClues had launched its private label in home décor and furnishing, called HomeBerry. The brand offers a range of bed and bath linen.

The Gurgaon-based company, which claims to have clocked 100 million monthly visits on its website, has over five crore products and five lakh merchants.

In October last year, it acquired two startups to enhance merchant support on its marketplace. In July 2016, it had made its first acquisition when it bought payments firm Momoe in a part-cash, part-stock transaction.

In the financial year ended March 2016, ShopClues’ standalone revenue more than doubled to Rs 179 crore while losses nearly quadrupled to Rs 381 crore.

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ShopClues appoints V-Mart exec as CFO to drive IPO

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