ShopClues adds 1.7 lakh sellers in 8 mnths; eyes $1.2bn GMV

eCommerce firm ShopClues today said it has added close to 1.7 lakh merchants to take the seller-base on its platform to 2.5 lakh. The company, which competes with the likes of Flipkart, Snapdeal and Amazon, also aims to increase its GMV to USD 1.2 billion by the end of March 2016. "The fact that there are 2.5 lakh merchants currently onboard our platform leveraging our unique value proposition underlines the belief they have in our business model and services.We shall continue to deliver high-quality business solutions to our valued partners in the future," ShopClues co-founder and CEO Sanjay Sethi told PTI. He added that the company had over 81,000 merchants on its platform at the end of December last year. "We continue to strengthen our position in the online shopping segment by offering buyers an unparalleled inventory and exhaustive catalogue of products they wish to buy.Our current run rate is USD 600 million," Sethi said. ShopClues will cross the GMV run rate of USD 1.2 billion by March 2016, he added. GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the marketplace over a certain period of time.ShopClues, which offers a managed marketplace, claims to have more than 60 million monthly visitors on its website. Founded in July 2011 in Silicon Valley, ShopClues has a team of over 850 people and is funded by investors like Tiger Global Management, Helion Venture Partners and Nexus Venture Partners, among others.