[What The Financials] One-Time Unicorn Shopclues' Slide Continues; FY20 Revenue Drops Under INR 100 Cr
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India, March 5 -- Indian ecommerce platform Shopclues' financial health has gone from bad to worse with each passing fiscal year since 2018. The company has fallen from the position of a unicorn in 2016 to an also-ran by 2020. From a valuation of over $1 Bn, Shopclues was acquired by Singapore-based Qoo10 Pte Ltd (Giosis) in December 2019 at a valuation of just $70-$100 Mn.
Shopclues reported a revenue of INR 97 Cr in the financial year 2020, representing a 53% decrease from FY2019's INR 209 Cr. The ecommerce company's expenses decreased by 46% from INR 278 Cr to INR 148.6 Cr in the same time frame. The company further cut down it's losses by 25%, from INR 68.5 Cr to INR 51.5 Cr in FY2020.
Founded in 2011, Shopclues had seen healthy gro...
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