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Jaswanth Jegan
Founder-Hexpertify.c... • 1y
“How the Founder’s Divorce made the company fail ” Billions To Bankruptcy #10 ShopClues was founded by husband-wife duo Sandeep Aggarwal and Radhika Aggarwal in 2011.They quickly gained traction by targetied India’s Tier 2 and Tier 3 markets which were underserved by Bigger players. ShopClues had over 700K small merchants and catalog of 40 mn products in 2016 they raised Series E round in a valuation of $1 billion making it a unicorn. In 2017 Sandeep made public allegations against his wife Radhika accusing her of having an affair with ShopClues CEO Sanjay Sethi and forcing him out of the company.This public dispute damaged ShopClues reputation and contributed to loss of investor confidence. Due to intense competition from Flipkart and Amazon they lost their market share from 5 to10% to 0.5 % by 2019.Shopclues laid 200 employee and struggled to pay its vendors. In late 2019, ShopClues was sold to Qoo10 for 70 to 100 million dollars which was once valued at 1 Billion Dollar.
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