Internal conflicts aside, ShopClues might bring out an IPO

Internal conflicts aside, ShopClues might bring out an IPOOnline marketplace ShopClues is looking forward for a possible public share sale, as it struggles with internal disputes amongst co-founders.

The Gurgaon-based company, which entered the unicorn club in January last year after exceeding the valuation of $1 billion, has been reportedly in talks with investment banks including Goldman Sachs and Credit Suisse, two people in the know told ET.

The issue is said to be ready for the first quarter of financial year 2018-19, and would have at least two investment banks as the lead book runners.

Talking of the conflict, co-founders Sanjay Sethi and Radhika Aggarwal are dealing with accusations from co-founder and former CEO Sandeep Aggarwal, regarding the issue of illegally taking away his voting rights. Both Sethi and Radhika Aggarwal have denied the charges, and are being supported by the company's board.

In other development, ShopClues is looking to raise a fresh funding of somewhere between $75 million and $100 million, a transaction that's expected to be a mix of primary and secondary components from its investors Nexus Venture Partners, Tiger Global, GIC (the sovereign fund of the government of Singapore), and Ronnie Screwvala, founder of Unilazer Ventures, among others.


(Image source: LiveMint)