Connect with us
SS

Latest News

$1.1 billion worth ShopClues Raises Rs 50 Crores In Venture Debt

Avatar

Published

on

ShopClues, ShopClues raises 50 crores in venture debt, InnoVen Capital, venture debt, ShopClues funding, ShopClues valuation, Tiger Global, Nexus Venture Partners, online retail, e-commerce, ShopClues raises about 50 crores in venture debt from InnoVen Capital, #startupstories, startup stories india, e commerce latest news


Gurgaon-headquartered online marketplace ShopClues has raised Rs. 50 crores in venture debt from InnoVen Capital, according to the reports of Livemint. This is a rare instance where a homegrown unicorn had opted for venture debt.

ShopClues recently stated that it would do a pre-IPO round, between $ 50 million and $ 100 million in 2017. Generally, a venture debt is raised for working capital, when the company is facing a shortage of funds, but the reports have quoted CEO Sanjay Sethi saying the debt is preferred as it can be paid off whereas equity will lead to dilution.

InnoVen Capital includes OYO Rooms, Myntra, Practo, BlueStone and Furlenco in its portfolio.

Founded by Sanjay Sethi, Radhika Aggarwal and her husband Sandeep Aggarwal in 2011, ShopClues from the beginning has been focusing on expanding tier II as well as tier III cities in the country.

Shopclues, backed by Helion Venture Partners, Nexus Venture Partners, GIC and Tiger Global Management, joined the unicorn club in January last year with a valuation of $1.1 billion.

This online platform had been focusing on fashion and lifestyle categories, and now is venturing into local and unbranded markets as well. ShopClues also claims that it had improved its NPS (Net Promoter Sector) by over 30 points in just a year.

Sanjay Sethi opened about this recent developments, said: “Today, to seriously go after the unstructured categories and Bharat consumer and to build a business that will scale to make money, it has to be done very differently from how Amazon and Flipkart are doing now. That has to be done under a different brand.”

Loading...
Loading...
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Binny Bansal Sells ₹531 Crore Worth Flipkart Shares To Walmart

Avatar

Published

on

Binny Bansal Sells ₹531 Crore Worth,Flipkart Shares To Walmart,Startup Stories,Latest Business News 2019,Binny Bansal Sells Flipkart Shares,Flipkart CO Founder Binny Bansal,Flipkart Business News,Flipkart Latest News,Walmart Flipkart Deal

Binny Bansal, an Indian billionaire, entrepreneur and co founder of the e-commerce website Flipkart, sold $ 76.4 million worth of his shares in Flipkart to Walmart’s Luxembourg entity FIT Holdings SARL.

Binny Bansal, along with his partner Sachin Bansal, co founded the Flipkart and served as its Chief Executive Officer until January 2016.

Walmart, a multinational retail corporation, bought Flipkart in 2018 and back then, Bansal sold a small portion of his shares and held 3.85 % of stake.

Now, according to the documents filed by Flipkart with the regulators, Binny Bansal transferred 539,912 equity shares to FIT Holdings SARL.  These shares are valued to be $ 76.4 million (approximately Rs. 531 crores.)  This latest deal left him with only 3.52 % stake in Flipkart.

Vivek Durai, the founder of Paper.vc, a business intelligence platform, said, “With this transfer, Binny Bansal has monetised a small portion of his shareholdings. He had sold 1,122,433 shares for about $ 159 million during the Walmart takeover.”

According to his contract with Walmart, Binny Bansal is entitled to sell more than half of his shares to Walmart by August 2020 and he could gain around $ 400 million from this transaction.

Bansal, who is mostly based in Singapore, is now an investor in India’s  startup ecosystem and is also the co founder of xto10X Technologies, which was launched last year.

In December 2018, Binny Bansal invested a sprawling $ 25 million dollars in the online insurance startup Acko.  He also invested in several AI and healthtech startups.

Continue Reading

Latest News

Facebook Reveals Details Of Its Cryptocurrency Libra

Avatar

Published

on

Facebook Reveals Cryptocurrency Libra,Startup Stories,2019 Latest Technology News,Cryptocurrency Libra,Facebook Announces Libra Cryptocurrency,New Libra Cryptocurrency,Facebook Libra Project,Facebook Latest News,Facebook New Cryptocurrency,Facebook Libra

On the 18th of June, Facebook revealed details of its brand new cryptocurrency called Libra.  An alternative to cash, this cryptocoin can be used to buy things or send money to people with close to no fees.  The cryptocurrency is going to be launched by an association called The Libra Association, which consists of a group of companies interested in getting Libra out into the world.

You can use Libra to buy or cash out your Libra at local stores like grocery stores and through third party wallet apps.  To make using Libra an easier task, Facebook owned Calibra Wallet will be built into WhatsApp and Messenger, thereby simplifying transaction processes.  Although certain countries have banned the use of cryptocurrencies, Facebook is trying to break new ground with the launch of Libra.

While Facebook is launching Libra, the social media giant is not going to be in complete control of the cryptocoin.  The coin will be controlled by a consortium consisting of its founding members, Visa, Uber and Andreessen Horowitz. The three companies have invested at least $ 10 million each into the creation of this cryptocurrency.

Customers interested in holding or transferring the newly acquired token will be given multiple options to do what they wish.  To further simplify matters, Facebook will let customers access transactions through this cryptocurrency via a special app designed for iOS and Android.

To protect the identity of its users while making transactions through the new app, Facebook won’t require you to share personal details.  “The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high fidelity communication, and a wide range of lowercost, more convenient services,” the Libra Association said in a paper announcing the cryptocurrency.

Libra will be made available to the world during the first half of 2020.  As of now, Facebook is focusing on building relationships in international waters.

Stay tuned for more updates.

Continue Reading

Funding

Facebook Invests In Indian Startup Meesho

Avatar

Published

on

Facebook Invests In Indian Startup Meesho,Startup Stories,Latest Business News 2019,Indian Startup Meesho,Facebook Invested in IIT Alumni,Social Commerce Startup Meesho,Meesho First Startup Investment in India,Facebook Makes another Investment in India

On the 13th of June, social media giant Facebook announced, it invested an undisclosed amount in Indian startup Meesho.

A Bengaluru based startup, Meesho works with resellers and emerging brands using social media.  This is the first time Facebook invested in a startup based in India. Through this investment, Facebook aims to increase its commitment to the Country’s vibrant internet ecosystem.

“Facebook is an ally for India’s economic growth and social development. We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,” Ajit Mohan, the Managing Director of Facebook India, said in a statement.

It was two primary factors which made Facebook invest in Meesho.  The first reason was how the startup is growing outside the Tier II and III cities, where new users are present.  The second reason is, Meesho has a larger user base, 80 % of which are women.

So far, Meesho has raised $ 50 million from a Series C funding round in November last year.  According to industry reports, the startup helps people using its service earn close to Rs. 25,000 every month!  With WhatsApp playing a crucial role in the app’s growth, it comes as an added blessing that Facebook invested in this particular startup.

Through investments like these, Facebook is capitalizing on the social media boom happening in India.

Stay tuned for more updates.

Continue Reading
Advertisement Yevadu

Recent Posts

Advertisement Rasugurram