Indian e-commerce marketplace ShopClues witnessed a 46 percent rise in its revenue to Rs 273 crore (approx $37.2 million) for the financial year 2017-18 as compared to Rs 188 crore it had posted in the fiscal year 2016-17.
The company’s losses also witnessed a steep decline by 40 percent t Rs 208 crore during the fiscal. It had reported a marginal decline in losses of 13 percent to Rs 332 crore during the last fiscal year, as per the filings made to the corporate affairs ministry
Fashion and lifestyle is the top category in terms of revenue growth, contributing more than 50 percent of the company’s total sales.
The company has expanded its fashion portfolio with the addition of several private labels this year for higher margins and expects its revenue to grow further during the current fiscal.
ShopClues has also cut down heavily on its operations, advertising and promotional activities as it looks to break even before the end of the current financial year.
ShopClues had raised Rs 110 crore ($16.5 million) from existing investors this year from an internal round of funding and will be investing the same on the expansion of product portfolio and customer acquisition.
ShopClues is run by Clues Network Pvt Ltd and is based in Gurugram. The business was launched in 2011 and retails an array of fashion brands from India.