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
![[What The Financial] One-Time Unicorn Shopclues’ Slide Continues; FY20 Revenue Drops Under INR 100 Cr](https://inc42.com/wp-content/uploads/2021/03/Untitled-design-2021-03-05T201702.237-680x510.jpg?is-pending-load=1)
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…
