BENGALURU: Shopclues enters the unicorn startup list, after a $100million fund raise in January.

Shopclues, the recent new member in the Indian startup unicorn club sales anything from appliances, apparels and more. Snapdeal heeled down Snapdeal and Paytm, other existing unicorns for this achievement.

The present valuation of Shopclues crosses $1.1billion (more than 7300 crore), after an undisclosed funding by Singaporean wealth fund organization, GIC. Shopclues confirmed that its last fund raising happened before a public listing of their share last year, reports Economic Times (ET).

ET first observed in November 2015 that Shopclues in heading for a $150-200million fund raise.

According to Goldman Sachs, this brings Shopclues latest fund raise and exposure will also make it a strong competitor for other e-commerce sites. The company predicts Shopclues to expand upto $36billion in 2016-17. Shopclues valued $11billion in 2014-15.

Sanjeev Aggarwal, senior managing director at Helion Venture Partners who was previously an investor in Shopclues describes the portal as, “They are a bazaar like Sarojini Nagar in Delhi versus other ecommerce companies that are like a modern shopping mall."

Shopclues valued $350 million in January 2015 after receiving $100million appraisal from New York based hedge fund Tiger Global management. The same company was also a major investor in Flipkart.

Founder of retail consultancy firm Wazir Advisors, Harminder Sahni said, "The valuation is not out of whack given that they have been consistently growing without burning much capital as compared to others."

Another founder of a logistics firm confirms on the basis of anonymity that the average selling price at Shopclues for retail retails products is approximately Rs 700, while for companies like Snapdeal values this to Rs 3,500-Rs 4,000.

To this Shopclues themselves confirm that their gross merchandise value (GMV) has increased upto four times since January 2015, and that it is in aim for a GMV of $1.2 billion by March. The company plans for $3 billion GMV by the end of the next financial year.

With the latest fund raise, Shopclues plans to introduce new product categories and allow small and mid-size traders to digitize their business through their portal.

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