Shopclues FY20 Revenue Drops Under INR 100 Cr

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

This is not a surprise given its worrying revenue decline since March 2018 with operating revenue not even crossing INR 90 Cr in FY20

Shopclues’ expenses have been cut down 60% from INR 363.4 Cr in FY2018 to INR 148.6 in FY2020

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…