Radhika Aggarwal and Sanjay Sethi, Founders of ShopClues, the newest entry to the famed unicorn club, share their journey of building a platform that has revolutionised e-commerce in India.
ShopClues is one of the few Indian e-commerce startups that is a marketplace for the masses and works on a zero-inventory model. Radhika Aggarwal and Sanjay Sethi share their secrets behind successfully building a brand that focuses on unstructured categories and targets midtier shopping zones.
What led to the start of ShopClues?
Radhika: The ShopClues founding team collaborated with a vision to build a platform that reflects the Indianness of consumers, keeping in mind typical shopping preferences and cultural tastes. It was founded by Sandeep Aggarwal, Sanjay Sethi, Mrinal Chatterjee and Devesh Rai and me, while we lived in the US, in July 2011. The idea came to Sandeep when he was on a trip to India and he noticed that consumer interactions on the internet did not mirror what was happening offline. He bootstrapped the company with our own funds and angel money that we raised from our friends and family, till we first received institutional funding of $4 million in January 2012.
Sanjay: We have proven that our target market cannot be captured by other e-commerce players that focus on structured and branded items and have higher GMV primarily from a small pool of merchants. We have an unprecedented approach to merchandising.
How has the journey been like?
This story is from the March/April 2017 edition of MillionaireAsia India.
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This story is from the March/April 2017 edition of MillionaireAsia India.
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