The E-Commerce website Shopclues has recently raised USD 16 million, equivalent to Rs.110 crore this year from some of its investors. It is said that Shopclues is hopeful for reaching break-even by Diwali this year. The CEO, Sanjay Sethi, said that despite challenges like Walmart-Flipkart deal, the company is quite confident about its profitability and growth targets. It is also said that the company held several rounds of discussions multiple e-commerce players for a possible sale. While it was also reported that the company is discharging its employees. However, the CEO is quite positive about its Break-Even Sales during Diwali.
Source: Zee Business