Online marketplace ShopClues is in talks with merchant banks for a possible public share sale, which was expected given the company's losses in the FY-16.
This development that’s taking place while the company’s co-founders are engaged in a dispute among themselves. Clues Network Pvt. Ltd, which runs e-commerce company ShopClues, is looking to raise $75-100 million (Rs 490-652 crore) in fresh funding before going into a full-swing IPO in 2018, in the first quarter.
The company said, "No Comments" on this news, over a telephone call but the transaction is expected to be a mix of primary and secondary components, according to a report filed The Economic Times today.
ShopClues has initiated talks with Credit Suisse and Goldman Sachs for the IPO, which is likely to take place in the first quarter of financial year 2018-19, the report further said. It added that the mandate for the IPO may be finalized over 3-4 months.
The company whose daily operations are looked after by Radhika Aggarwal and Sanjay Sethi, has so far raised an estimated $200 million from investors including Singapore sovereign wealth fund GIC, Tiger Global Management, Nexus Venture Partners and Helion Venture Partners.
In its last funding round, it entered the exclusive unicorn club, having surpassed a valuation of $1 billion. It raised an undisclosed amount in a Series E round led by GIC, with participation from existing investors Tiger Global and Nexus Venture.
BW Reporters
Soumya is a young writer and journalist, with bachelors in Multimedia and Mass Communication. She is an alumini of the Asian College of Journalism, and finds politics and sustainability intriguing beats to work with.
