Ecommerce marketplace ShopClues os pushing its IPO forward and has now hired Deepak Sharma as its chief financial officer to lead the IPO and take it forward. Sharma was formerly working with offline retailer V Mart and led the IPO for the retailer in 2013. He has been brought on board with the mandate of helping ShopClues hit the capital markets.
ShopClues founder and CEO Sanjay Sethi says they may be ready for quarterly reviews by the end of next quarter and will address all regulatory issues by then. The company is looking to go public next fiscal and are meticulously tracking market sentiments. Revenues have doubled since November last year along with them becoming unit economics positive. Focusing on fashion and lifestyle has yielded good results for the company.
Over the last one year, the company has been moving away from segments like high priced smartphones, electronics and focusing on fashion and lifestyle. Fashion and lifestyle contributes about 40 per cent of overall sales. Unlike Flipkart and Amazon, ShopClues is known for its low value merchandise catering largely to the Tier II consumers.
ShopClues currently clocks about 2.5 million shipments per month. Radhika Aggarwal, Co-Founder, they had decided to move away from sectors where heavy discounting is widely prevalent.