India: ShopClues founders in public spat, Sandeep Aggarwal accuses wife of ousting him

Sanjay Sethi and Radhika Aggarwal, founders of ShopClues. Photo: Sneha Srivastava/Mint

The co-founder of online marketplace ShopClues Sandeep Aggarwal took to social media to accuse his wife and co-founder Radhika Aggarwal of pushing him out of the company, which is now counted among the elite Unicorn league.

Aggarwal, who had co-founded ShopClues in 2011, also founded online marketplace for automobiles Droom in 2014.

In a detailed Facebook post on Sunday, Aggarwal accused Radhika, who is presently the founder and chief business officer of ShopClues, of taking away his ‘voting rights’ from the company and also, for having an illicit love affair with Sanjay Sethi the co-founder and CEO.

Aggarwal handed over the reins of the company to his wife in 2013, when he was arrested by the FBI for alleged involvement in an insider trading case in the US in 2013. Since then, he was not actively involved with Shopclues as both Radhika and Sethi took control of the company. He went on to start up Droom, which recently raised $30 million from investors like Digital GarageBeenext, Lightbox Ventures and others.

In his recent Facebook post, Aggarwal raised questions over Radhika’s claims on educational and professional credentials and alleged that she has fraudulently taken away his voting rights in the company.

Aggarwal claims that he came to know last year that his board seat was fraudulently taken by Sethi and Radhika, and he subsequently filed a complaint with the Economic Offences wing of the Gurgaon police.

According a Times of India report, Shopclues’ annual report, for fiscal year 2016, ShopClues lists Sethi, Radhika and Vishal Sharma as key managerial persons and directors of the company.

The news report also quoted Radhika’s statement saying “I am shocked by unfounded and baseless allegations being made. In the interest of privacy of my family, I will not be commenting on any personal matters, however, ShopClues was always a team effort and it has become a force to reckon with. I want to focus my time and energy to do what I owe to my employees, my investors, my country and myself.”

E-commerce majors have seen their share of public spats and outbursts, the most prominent being Rahul Yadav’s rant against the board members and investors of the, which he had co-founded.

Shopclues has the backing of New York-based Tiger Global, GIC, the sovereign wealth fund of Singapore along with early investors like Nexus Venture Partners and Helion Venture Partners.

The online marketplace, run by Gurgaon-based Clues Network Pvt. Ltd, targets non-standard categories online, unlike large e-commerce firms Flipkart, Snapdeal and Amazon, which largely focus on structured categories. The company has been reported to be a potential target for mergers by other existing e-commerce firms as it has a differentiated positioning in the market.

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