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ShopClues trims losses to Rs 208 crore

twitter-logoPTI | October 29, 2018 | Updated 20:12 IST

New Delhi, Oct 29 (PTI) E-commerce platform ShopClues has narrowed its losses to Rs 208 crore for the year ended March 2018 compared to the previous fiscal, according to the regulatory filings. The company, which is registered as Clues Network, had registered a loss (after tax) of Rs 347 crore in 2016-17. ShopClues' revenue from operations grew by 50 per cent to Rs 271.2 crore in 2017-18, from Rs 180 crore in the preceding fiscal, as per the filings made to the corporate affairs ministry, sourced by business intelligence platform Tofler. When contacted, the company spokesperson declined to comment. During the fiscal, the online marketplace spent Rs 111 crore towards employee benefits as compared to Rs 120.8 crore in the previous fiscal. 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. The company had raised USD 16 million (about Rs 110 crore) this year from some of its existing investors as part of an internal round and had said it was hopeful of reaching break-even by 'Diwali' this year. PTI SR SHW MKJ

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