ShopClues
{{Short description|Indian online marketplace}}
{{EngvarB|date=July 2016}}
{{Use dmy dates|date=October 2020}}
{{Infobox website
| name = Shopclues.com
| logo = Shopclues.svg
| collapsible = yes
| collapsetext = Screenshot
| screenshot = ShopClues website screenshot.png
| foundation = {{Start date and age|July 2011}}
| location = Gurgaon, Haryana, India
| area_served = India
| founder = Sanjay Sethi
| industry = Internet
| services = Online shopping
| website_type = E-commerce
| url = {{URL|https://www.shopclues.com/}}
| language = English
| current_status = Active
|revenue ={{decrease}} {{INRConvert|209.46|c}} (2019){{cite web |last1=Bhalla |first1=Kritti |title=Shopclues Narrows Losses To INR 68 Cr Even With Reduced Revenue |url=https://inc42.com/buzz/shopclues-narrows-losses-to-inr-68-cr-even-with-reduced-revenue/ |website=inc42.com |date=27 December 2019 |publisher=inc42 |accessdate=30 May 2020}}
| employees = 700 (2017){{cite news|url=http://www.business-standard.com/article/companies/we-ve-already-toppled-flipkart-snapdeal-shopclues-ceo-116012600002_1.html|title=We've already toppled Flipkart, Snapdeal: Shopclues CEO|work=Business Standard|date=26 January 2016|accessdate=5 November 2017}}
}}
ShopClues is an Indian online marketplace, owned by Clues Network Pvt. Ltd.{{cite news|url=http://www.livemint.com/Companies/UQlNNccObbnKIY9pmG9lRK/ShopClues-looks-to-invest-50-million-in-acquisitions.html|title=ShopClues plans acquisition spree to accelerate expansion|publisher=Mint|date=8 December 2015|accessdate=5 November 2017}} The company was established in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal.{{cite web|url=http://techcircle.vccircle.com/2013/04/03/shopclues-com-rolls-out-official-brand-stores/|title=ShopClues.com rolls out official brand stores|date=3 April 2013|accessdate=5 November 2017}}{{cite news|url=http://www.thehindubusinessline.com/info-tech/shopclues-poised-for-a-strong-rural-push/article8882135.ece|title=ShopClues poised for a strong rural push|publisher=The Hindu Business Line|date=21 July 2017|accessdate=5 November 2017}} In 2015, ShopClues was valued at US$1.1 billion,{{cite news|url=http://www.forbesindia.com/printcontent/43663|title=StoreKing: The friendly, neighbourhood etailman|work=Forbes India|date=7 July 2016|accessdate=5 November 2017}} with Tiger Global, Helion Ventures, and Nexus Venture Partners as major investors. In 2019, the company was acquired by Singapore-based Qoo10 in an all-stock deal valued at approximately US$70 million, representing one of the largest valuation meltdowns for an Indian-based startup.{{cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/singapore-based-ecommerce-platform-qoo10-acquires-shopclues-in-all-stock-deal/articleshow/71841318.cms|title=Singapore-based e-commerce platform Qoo10 acquires ShopClues in all-stock deal|work=The Economic Times|accessdate=2019-12-17|last1=Shrivastava|first1=Aditi|last2=Gooptu|first2=Biswarup}}
History
ShopClues provides unstructured categories of home and kitchen, fashion, electronics and daily utility items.{{cite web|url=http://www.businesstoday.in/magazine/cover-story/coolest-start-ups-2015-shopclues-own-niche-e-commerce-sphere/story/219962.html|title=Standing Out|publisher=Business Today (India)|date=21 June 2015|accessdate=5 November 2017}}
In June 2015, ShopClues launched a financing platform Capital Wings to fund its merchants' businesses.{{cite news|url=http://www.business-standard.com/article/pti-stories/shopclues-launches-financing-platform-for-smbs-115061200731_1.html|title=ShopClues launches financing platform for SMBs|work=Business Standard|date=12 June 2015|accessdate=5 November 2017}} In December 2015, the company invested towards seed funding in HeyBiz, which is a real-time shopping assistant app.{{cite web|url=https://www.vccircle.com/shopclues-invests-chat-app-heybiz/|title=ShopClues invests in chat app HeyBiz|publisher=VCCircle|date=8 December 2015|accessdate=5 November 2017}}
In January 2016, ShopClues raised US$100 million from Tiger Global Management and joined the Unicorn Club.{{cite news|url=http://www.livemint.com/Companies/1rT8GCbJn9GQ9jSbAGtwiM/ShopClues-raises-fresh-funds-joins-the-billiondollar-club.html|title=ShopClues joins billion dollar club|publisher=Mint|date=13 January 2016|accessdate=5 November 2017}} In 2016, ShopClues launched its Android app for sellers, and later added iOS apps.{{cite web|url=https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/shopclues-brings-an-android-based-seller-app-to-boost-its-merchants-business/50770571|title=ShopClues brings an Android based seller app to boost its merchants business|date=29 January 2016|accessdate=5 November 2017}}
In May 2016, it partnered with GoDaddy to assist its small and medium entrepreneurs in starting their own e-commerce websites.{{cite web|url=http://www.ibtimes.co.in/shopclues-godaddy-tie-offer-online-stores-small-businesses-679186|title=ShopClues and GoDaddy tie up to offer online stores for small businesses|work=International Business Times|date=18 May 2016|accessdate=5 November 2017}} In July 2016, launched an ad platform, AdZone wherein sellers may market their products with the help of native and custom advertising.{{cite web|url=https://www.medianama.com/2016/07/223-shopclues-launches-native-ads/|title=ShopClues launches native ad platform AdZone|date=26 July 2016|accessdate=5 November 2017}}
In June 2016, the online marketplace claimed to have half a million sellers on its platform.{{cite news|url=https://economictimes.indiatimes.com/industry/services/retail/shopclues-to-help-vendors-go-online-with-godaddy/articleshow/52285384.cms|title=ShopClues to help vendors go online with GoDaddy|work=The Economic Times|date=16 May 2016|accessdate=5 November 2017}} In July 2016, ShopClues acquired Momoe, a Bangalore-based mobile payments company.{{cite web|url=https://www.medianama.com/2016/07/223-shoplues-momoe-acquisition/|title=Shopclues buys a payments company just like its competitors|date=15 July 2016|accessdate=5 November 2017}}{{cite news|url=http://www.hindustantimes.com/business/with-rs-300-crore-in-pocket-shopclues-goes-shopping/story-KRWs7XgpwrBdM91Wum9OBI.html|title=With Rs 330 crore in pocket, Shopclues goes shopping|work=Hindustan Times|date=7 April 2016|accessdate=5 November 2017}}
In 2019, ShopClues was acquired by Singapore-based Qoo10 for US$70 million.
Key people
- Sanjay Sethi - Co-Founder and Chief Executive Officer (CEO)
- Sandeep Agarwal - Co-Founder and Chief Operations Officer (COO)
- Radhika Aggarwal - Co-Founder and Chief Business Officer (CBO)
Controversy
- In August 2015, the owner of the brand Ray-Ban, Luxottica Group accused ShopClues of allegedly selling fake products and took up the issue in court. The Delhi High Court pulled up ShopClues for breaching its earlier order and continuing the sale of Ray-Ban products.{{cite news|url=http://articles.economictimes.indiatimes.com/2015-08-27/news/65928881_1_ray-ban-online-marketplace-shopclues-eyewear|archive-url=https://web.archive.org/web/20150905012941/http://articles.economictimes.indiatimes.com/2015-08-27/news/65928881_1_ray-ban-online-marketplace-shopclues-eyewear|url-status=dead|archive-date=5 September 2015|title=Ray-Ban drags online marketplace Shopclues to Court for selling fake eyewear|work=The Economic Times|date=27 August 2015|accessdate=5 November 2017}}
- The site has had a number of complaints both from customers{{Cite web|url=https://www.mouthshut.com/product-reviews/Shopclues-com-reviews-925643754|title=Shopclues.com Reviews and Ratings - MouthShut.com|website=www.mouthshut.com|language=en|access-date=2019-10-17}}{{Cite web|url=http://www.complaintbox.in/tag/shopclues-complaints/|title=shopclues-complaints {{!}} Complaint Box India|date=12 January 2019 |language=en-US|access-date=2019-10-17}} and from other businesses claiming that the site is selling fake products.{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms?from=mdr|title=L'Oréal India wins judgement on counterfeits against Shopclues|last=Malviya|first=Sagar|date=2018-11-16|work=The Economic Times|access-date=2019-10-17}}
- In 2013, founder and CEO Sandeep Agarwal was charged with insider trading and arrested in the US.{{Cite news|last=Layak|first=Suman|title=How ShopClues founder Sandeep Aggarwal survived a run-in with Preet Bharara and kept his dreams afloat in adversity|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/entrepreneurship/how-shopclues-founder-sandeep-aggarwal-survived-a-run-in-with-preet-bharara-and-kept-his-dreams-afloat-in-adversity/articleshow/51271790.cms?from=mdr|access-date=2020-07-20}} Agarwal subsequently pleaded guilty and entered a plea bargain on the charges.{{cite news|url=https://economictimes.indiatimes.com/small-biz/entrepreneurship/how-shopclues-founder-sandeep-aggarwal-survived-a-run-in-with-preet-bharara-and-kept-his-dreams-afloat-in-adversity/articleshow/51271790.cms|title=How ShopClues founder Sandeep Aggarwal survived a run-in with Preet Bharara and kept his dreams afloat in adversity|work=The Economic Times|accessdate=2019-12-17|last1=Layak|first1=Suman}} Agarwal resigned from ShopClues in 2013.
See also
References
{{Reflist}}