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<ul><li><keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="Shopclues">Shopclues</keyword> has finally been sold to Singapore-based <keyword id="8279466" type="UNKNOWN" weightage="20" keywordseo="Qoo10">Qoo10</keyword> in an all stock deal. </li><li>The <keyword id="7321558" type="UNKNOWN" weightage="20" keywordseo="unicorn-startup">unicorn startup</keyword> was sold at a valuation ranging between just $70-100 million. </li><li>This year, Shopclues had been at the centre of multiple failed attempts at mergers as it tried to survive.</li></ul>Indian unicorn e-commerce startup Shopclues has finally <a href="https://tech.economictimes.indiatimes.com/news/internet/shopclues-acquired-by-singapore-based-qoo10/71839928">found</a> a buyer in Singapore-based e-commerce platform Qoo10. Shopclues which was once valued at $1.1 billion-- is sold in an all stock deal for a reported valuation ranging between $70-$100 million. Here’s a look at how it all went down for the e-commerce startup. 2011 Shopclues was founded in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. This was two years before Amazon came to India. It raised an angel round of funding. 2012 The startup raised its series A round of funding of $4 million. During this time, Shopclues had 2500 transactions a day and according to <a href="https://www.techcircle.in/2012/09/04/excl-shopclues-raises-4m-in-series-a-round-looking-to-gross-rs-100cr-sales-by-dec-2012">reports</a>, was hoping to turn profitable by 2013. 2013 Gaining momentum, Shopclues closes its series B round for $10 million from investors Nexus Venture Partners and Helion Venture Partners. 2014 Shopclues raised $15 million as a part of its series C round of funding from its existing investors. 2015 In 2015, the startup scooped up its Series D funding for $100 million, also welcoming Tiger Global to its board of investors. “Shopclues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier 2 and tier 3 cities,” the then Tiger Global private equity business head Lee Fixel <a href="https://www.vccircle.com/e-com-marketplace-shopclues-raises-100m-series-c-funding-led-tiger-global/">had said.</a> It also registered a GMV of $400 million. 2016 Between late 2015 and early 2016, Shopclues closed its series E round of funding to join the prestigious unicorn club. It also brought back its dreams for profitability while also reportedly hoping for an IPO. 2017 Shopclues was caught in the middle of a very public spat between its founders – husband and wife duo Sandeep Aggarwal and Radhika. Aggarwal put out a post on Facebook accusing his wife of “an illicit affair” as well as ousting him from the company. It was also the year when the company’s <a href="https://economictimes.indiatimes.com/small-biz/money/shopclues-fy-17-revenue-up-5-losses-decline-by-13/articleshow/61539773.cms">revenue began slowing dow</a>n. In FY17, the company’s revenue grew by 5% instead of the usual 50% jump it had been seeing. Its losses stood at ₹332 crores. 2018 It managed to come back in the game with a 46% revenue jump and cutting down its losses to ₹208 crore in FY18. But at this time, Shopclues also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shopclues-revenue-up-46-to-rs-273-crore/articleshow/66409043.cms">cut down</a> on operational costs, advertising spends and employee benefits. However, it was facing immense competition from Flipkart, Amazon, Paytm etc who were growing at breakneck speed. Meanwhile, Shopclues was focussing on its wholesale marketplace model. Once again, its plans to go in for an IPO in 2018, failed to see the light of the day. Multiple senior management <a href="https://www.thehindubusinessline.com/info-tech/top-level-exits-at-shopcluescom/article23263804.ece">exits</a> too began in the company. It also fired 50 employees across verticals. It also lost a legal fight with L’oreal, which had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms">accused</a> Shopclues of selling counterfeit products on its platform. 2019 Having survived on bridge rounds of investments, troubles started mounting for the company as its struggle to survive became public. The rumours of its probable sell began taking solid turns. Snapdeal (who was itself making a comeback from massive losses) was reported to be in talks with Shopclues for a possible merger, but the talks didn’t go through in the end. There were also rumours about ebay.in looking to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">acquire</a> Shopclues. Shopclues also laid off about 200 employees to cut costs. Then came the news of its final sale to Singapore-based Qoo10 in an all stock deal, but with a massive fall in valuation. “This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a statement.

Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

<ul><li><keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>, who is a well-known name in Bollywood, and an entrepreneur who created a media conglomerate, has also set up a strong base in the Indian startup ecosystem.</li><li>He set up the edtech firm upGrad in 2015.</li><li>But even before that, Screwvala has been an active investor in Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> through his firm <keyword id="1126175" type="ORGANIZATION" weightage="20" keywordseo="Unilazer-Ventures">Unilazer ventures</keyword>.</li></ul>It seems like there’s no stopping Ronnie Screwvala, the media mogul and entrepreneur. Screwvala, who set up the media and entertainment company UTV Motion Pictures and sold to Disney for a whopping ₹2000 crore, went on to found another production house RSVP Movies in 2014. In recent years, RSVP has produced movies like The Sky is Pink, Kedarnath, Ghost Stories and more. But Screwvala’s popularity is not just limited to Bollywood; he has also set up a strong base in the Indian startup ecosystem. Along with being the co-founder of the edtech firm upGrad, he has also long been an investor in the startup ecosystem, having set up an investment firm – Unilazer Ventures. Here’s a look at how Ronnie Screwvala has solidified his startup presence Screwvala set up Unilazer ventures in 2012, after selling his stake in UTV. Since then, the investment firm has gone on to bet on over 30 Indian startups. Unilazer Ventures focuses on early-stage startups across sectors. Some of Screwvala’s investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenskart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Easypolicy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niki.ai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DailyObjects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arré </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Environment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Career Guide </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EkStop </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OyeLife </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premier India Football Academy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZipDial </td></tr></tbody></table> The latest to join the list of investments from Screwvala is the celebrity fan engagement portal TrueFan. The six-month-old startup founded by Nimish Goel, Nevaid Aggarwal, and Devender Bindal has raised $4.3 million in seed funding by investors like Ronnie Screwvala, Mayfield India, and Saama Capital. “When Nimish approached me on TrueFan, three things struck me: firstly, any product driven by technology is going to soar in the 2020 decade. Secondly, this is the perfect blend of gamification meets media meets content. Thirdly, the simplicity of the idea allows the product to seep through the wide, Indian user-base. For me, it is ideas like these that will really stay the course,” said Screwvala in a statement. Unilazer Exits Unilazer has marked three exits already, with its invested startups being acquired. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup, sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquired by </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shopclues, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qoo10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Micro Housing Finance Corporation, fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Svatantra </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zivame, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance </td></tr></tbody></table> Building upGrad The five-year-old startup upGrad has made a mark in the edtech sector. The higher education platform claims to have impacted over half a million people globally and has collaborated with universities like IIT Madras, IIIT Bangalore, MICA, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University, and others. With the coronavirus lockdown boosting online learning, the startup now expects a ₹1,200 crore annual run rate with profitability. The startup also expects a 100% increase in repeat enrollments in the portal. “Last quarter around 15% of the revenue booked, has been solely driven by repeat purchase and evangelism by our existing alumni. As we scale our program portfolio and continue our alumni engagement initiatives like advanced certification program, exclusive leadership webinars, personalised career mentorship, regular community newsletters, subject-specific newsletters, we expect around 4000 enrolments to come solely through our alumni in the form of repeat purchase and referral this year,” Screwvala said about their growth plan, recently. upGrad’s latest funding was a ₹50 crore debt fund from IIFL Asset Management. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-worlds-richest-in-100-billion-club-jeff-bezos-bill-gates-bernard-arnault-mark-zuckerberg/slidelist/77781044.cms">Meet the world’s richest in $100 billion club - Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg</a> <a href="https://www.businessinsider.in/business/auto/news/audi-rs-q8-suv-pictures-price-features-specification-and-other-details/slidelist/77778282.cms">Inside pics of the new Audi RS Q8 — The most powerful SUV coupe in Audi’s fleet</a>

Ronnie Screwvala’s investments range from edtech to e-commerce and media

<ul><li>In an interview with Business Insider, <keyword id="195858" type="PERSON" weightage="20" keywordseo="Sandeep-Aggarwal">Sandeep Aggarwal</keyword> said that the company has clocked $1.2 billion in GMV and $32 million in net revenue. </li><li>By 2021, when the company achieves $3 billion GMV, Aggarwal aims to list on NASDAQ.</li><li>They will also be extending their offerings – by foraying into luxury cars, agricultural equipment and OEMs etc. </li></ul>While the auto industry in India is buckling under a slowdown, auto marketplace platform <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword>’s revenues grew by 90%. In an interview with Business Insider, Sandeep Aggarwal said that the company has clocked $1.2 billion in gross merchandise value (GMV) and $32 million in net revenue in 2019 calendar year. “We feel this momentum will continue as the auto industry fares better. We hope to achieve $2 billion in GMV this year and $65 million in net revenue. By next year’s end, we hope to hit $3 billion in GMV,” he said. But how is the company achieving these numbers even as Indian economy is in recovery mode? “Because online is only 1% of the total automobile industry. Other companies had a heavy exposure to ‘new’ and ‘cars’. We sell bicycles, scooters, buses, jeeps, tractors… everything and we sell 98% used,” said Aggarwal. Speaking of competition like CarDekho, Cars24, he said that Droom is the only pure play internet company while others offer offline services as well. A NASDAQ IPO By 2021, when the company achieves its $3 billion GMV target, Aggarwal aims to list on NASDAQ. And, it has been a very calculated step from the very beginning. “We have taken a lot of measures. We are a Singapore incorporated company, we had a Big 4 auditor from the first day, the corporate governance and board structure has been done keeping IPO in mind,” he said. Before they head for IPO, Droom which has been circling around the unicorn status has plans to cross the valuation mark. “This year, we will be raising our last round of capital which will be the pre-IPO round, with that we have a valuation of over $1 billion,” he said. Massive expansion spree As it switches on to the pre-IPO mode, Droom is also planning geographical expansion. It is already present in Singapore, Malaysia and Thailand along with an R&amp;D centre in the US called Droom Lab Inc. “In the next 18 months, we will expand to Indonesia, Vietnam and Philippines and then six countries in the Middle East. After that, we will plan our European expansion,” he said. They will also be extending their offerings – by foraying into luxury cars, agricultural equipment and OEMs etc. Lessons from the past Aggarwal is not new to building billion dollar companies. He was also the founder of the e-commerce unicorn – Shopclues, a company from which he parted ways after a <a href="https://www.thehindubusinessline.com/info-tech/spat-at-shopclues-spills-from-bedroom-to-boardroom/article9585836.ece">public spat</a> with his co-founder and wife Radhika Aggarwal. Shopclues was recently sold to Singaporean e-commerce entity Qoo10. “Since the end of 2015, I have not spent a single day in that company. It was a prime asset but it needed a lot of innovation, vision, world class management team and a differentiation factor in e-commerce,” he said. Even before Shopclues, Aggarwal had 150 company ideas that he worked upon, till he finally built not just one unicorn but two successful startups. Ask him about the tricks of the trade and he recollects a time, when he was in college and got 40 rejections from companies only to get 7 job offers. “First, you need to have a desire to build something. Having worked with Fortune 500 companies in the US, I saw a lot of scale and then maybe, I just got lucky,” he says with a laugh. See Also: <a href="https://www.businessinsider.in/business/startups/news/paytm-founder-vijay-shekhar-sharma-video-on-how-his-startup-will-turn-profits/articleshow/74092975.cms">Watch Paytm founder Vijay Shekhar Sharma explain how his startup will turn a profit in the next two years after 10 years of losses</a>

EXCLUSIVE: Droom has big plans for 2020 – be a unicorn, raise pre-IPO funds, and expand to 9 new countries

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Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

Sanchita Dash

Ronnie Screwvala’s investments range from edtech to e-commerce and media

BI India Bureau

EXCLUSIVE: Droom has big plans for 2020 – be a unicorn, raise pre-IPO funds, and expand to 9 new countries

Sanchita Dash

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