E-commerce firm ShopClues revenue rises 5% at Rs 188 crore

By

Maverick Martins

Published
Nov 7, 2017

Indian online retailer Shopclues witnessed a 5% rise at Rs 188.7 crore (approx $29.1 million) in its revenue for the financial year 2016-17 as compared to Rs 178.6 crore (approx $27.5 million) in the year prior.
 

According to ROC (Registrar of Companies) filings by Shopclues its losses declined 13% to Rs 332.7 (approx $51.3 million) during the year as compared to the Rs 383 crore (approx $59.1 million) it had reported for the year 2015-16.
 
One of India’s leading e-commerce companies is struggling to compete with deep pocketed e-commerce giants like Flipkart, Amazon and Paytm in the Indian market. The high currency note ban move of the government in November last year also severely hit the sales of the company.

Shopclues net sales posted a meagre growth of 11% to Rs 180.3 crore (approx $27.8 million) from 161.4 crore (approx $24.9 million) in the previous fiscal. It may be noted that in FY15, ShopClues registered net sales of Rs 77.3 crore (approx $12 million), and it more than doubled this number in FY16.
 
ShopClues is now looking to follow the tried and test model by adding private labels to its platform as they offer better margins which will help the firm on its path to profitability. The company has recently added more private labels to its brand portfolio.