Deepak Sharma has been brought on board with the mandate of helping ShopClues hit the capital markets.

ShopClues accelerates IPO plans appoints former V-Mart CFO to lead the public offering
Atom IPO Friday, July 21, 2017 - 14:48

Ecommerce marketplace ShopClues seems to be pushing its initial public offering forward. It has now hired Deepak Sharma as its chief financial officer to lead the IPO and take it forward.

Deepak was formerly working with offline retailer V Mart and led the IPO for the retailer in 2013. According to a report in the Times of India, he has been brought on board with the mandate of helping ShopClues hit the capital markets.

Sharma is reportedly taking stock of internal compliance and corporate governance.

ShopClues founder and CEO Sanjay Sethi told TOI that ShopClues may be ready for quarterly reviews by the end of next quarter and will address all regulatory issues by then.

"He (Deepak) is someone who's already delivered one of the best retail IPOs in the past. We are looking to go public in the next fiscal and are meticulously tracking the market sentiments. Our revenue has doubled since November last year along with us becoming unit economics positive. Focusing on fashion and lifestyle has yielded good results for the company,” Sethi told TOI.

Over the last one year, the company has been moving away from segments like high priced smartphones, electronics and focusing on fashion and lifestyle.

Fashion and lifestyle reportedly contribute about 40% of overall sales for Shopclues. Unlike Flipkart and Amazon, ShopClues is known for its low value merchandise catering largely to the tier two consumers.

Currently, ShopClues gets half of its sales from tier 4 towns.

According to the report, ShopClues currently clocks about 2.5 million shipments per month. Radhika Aggarwal, co-founder of the firm, had told TOI recently that ShopClues had decided to move away from sectors where heavy discounting is widely prevalent.

While it is not yet known how much ShopClues is looking to raise through its IPO, it recently raised a debt of Rs 50 crore from InnoVen Capital. In FY16, ShopClues reported losses of Rs 383 crore over a revenue of Rs 179 crore.