India: GIC-backed ShopClues raises $16m funding, scouts for buyer

ShopClues, run by Clues Network Pvt. Ltd, has raised about Rs110 crore, its co-founder Sanjay Sethi said, even as the struggling marketplace seeks to preserve cash and scout for a buyer. For now, the Gurugram-based company, which has seen a drop in daily orders in the last two months, is depending on new initiatives for monetization.

The company raised Rs110 crore ($16 million) this year from a few existing investors as part of an internal round, according to an email sent by Sethi to employees earlier this week.

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