ShopClues revenue up 45 percent Rs 275 crore, losses down to Rs 208 crore for FY 18

By

Maverick Martins

Published
Apr 17, 2018

Leading e-commerce firm ShopClues has posted 45 percent jump in its revenue to Rs 275 crore (approx $ 42 million) from the Rs 189 crore (approx $ 29 million) in the preceding fiscal. The company’s losses also narrowed 40 percent to Rs 208 crore (approx $ 32 million) for the year ended March 2018 compared to the previous fiscal.
 

Private labels are believed to be the reason for the turnaround this fiscal with a contribution of 12 percent to the total revenue this fiscal. Shopclues has launched four private labels last year like Home Berry, womenswear label, Meia, men’s footwear private label Baton and the electronics accessories brand Digimate to boost its margins.
 
During the fiscal, the online marketplace spent Rs 100 crore towards employee benefits, while service costs stood at Rs 175 crore. The company had a total loss of Rs 333 crore in 2016-17, a ShopClues spokesperson told PTI.

"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," CEO Sanjay Sethi.
 
The e-commerce fashion platform ShopClues had earlier stated that strengthening its presence in Tier 3 cities and focusing on fashion has helped its revenue grow by 60 percent. The business is also confident that it will become profitable in the next 12 to 18 months.
 
Shopclues was founded in 2011 and is based in Gurugram. The business is an Indian subsidiary of the American corporation Clues Network Inc.