ShopClues narrows losses to Rs 2.08 bn in Q2, revenue up by 50%

E-commerce platform ShopClues has narrowed its losses to Rs 2.08 billion for the year ended March 2018 compared to the previous financial year, according to the regulatory filings.

The company, which is registered as Clues Network, had registered a loss (after tax) of Rs 3.47 billion in 2016-17.

ShopClues' revenue from operations grew by 50 per cent to Rs 2.712 billion in 2017-18, from Rs 1.80 billion 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 1.11 billion towards employee benefits as compared to Rs 1.208 billion 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 600,000 merchants.

The company had raised $16 million (about Rs 1.10 billion) 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.