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Friday, May 12, 2017

ShopClues raised Rs 50 crore from InnoVen Capital

Online marketplace ShopClues has raised Rs 50 crore (around $7.7 million) in venture debt from InnoVen Capital. The company said it will use the funds for day-to-day business activities.

Sanjay Sethi, co-founder and CEO of ShopClues said, A company which is getting close to profitability has the option to raise either equity money or debt. Equity will lead to dilution, but you can pay off debt through your balance sheet. Debt is a good instrument to meet working capital requirements or plug gaps to achieve profitability. Our burn is reducing consistently. Hence, debt comes into play so that we can scale rapidly and reach profitability.

Also read: Policybazaar set to raise Rs 400 crore in 6 weeks

The company now has around 100 million montly visits on its web site as as its platform covers over five crore products offered by more than five lakh merchants.

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