ShopClues narrows losses to Rs208 crore in 2017-18
New Delhi: Online marketplace ShopClues has narrowed its losses to Rs208 crore for the year ended March 2018 compared to the previous fiscal.
The company had a total loss of Rs333 crore in 2016-17, a ShopClues spokesperson told PTI. The total revenue from operations grew 45% to Rs275 crore in 2017-18, from Rs189 crore in the preceding fiscal, he added. During the fiscal, the online marketplace spent Rs100 crore towards employee benefits, while service costs stood at Rs175 crore.
ShopClues, which competes with the likes of Amazon, Flipkart and Paytm, counts Helion Venture Partners and Nexus Venture Partners among its investors. Founded in 2011, ShopClues has over six lakh merchants.
Last month, ShopClues said it has seen strong revenue increase on the back of growing business from categories like fashion and strengthening position in tier III cities and beyond. Its co-founder and CEO Sanjay Sethi had said the firm had spent 2017 ensuring that it had the “right revenue margins” without any discounting or heavy spending on warehousing adding to its costs.
“2018 will be about continuing the growth. We became unit economic positive across all categories last year and we are looking at hitting profits in the coming fiscal,” he said.