News: On its run up to an IPO, ShopClues appoints Deepak Sharma as CFO


On its run up to an IPO, ShopClues appoints Deepak Sharma as CFO

Due to demonetization, ShopClues had deferred its plan for IPO, scheduled for September 2017.
On its run up to an IPO, ShopClues appoints Deepak Sharma as CFO

ShopClues has appointed Deepak Sharma as the company CFO, while the ShopClues prepares for its IPO. Prior to ShopClues, he was part of Vmart, and he led Vmart’s IPO as its CFO in 2013.

Deepak is credited with establishing robust practices around corporate governance, financial reporting and disclosures, FP&A, risk management, treasury and Investor relations among others, which enable sustenance and stability for organizations, especially in the challenging category of brick-and-mortar businesses. 

Sanjay Sethi, Co-founder and CEO, ShopClues, said, “Deepak will bring greater velocity in achieving bottom line profitability and prepare the organization for a successful IPO. He is an extremely passionate person and with his rigours experience in the brick & mortar as well as leading an organization for an IPO, we cannot imagine of any better person than Deepak to join forces with us.”

Deepak is an alumnus of St. Stephen’s college and Institute of Chartered Accountants of India, Delhi, with over 20 years of industry experience in the retail sector. 

“I believe that the CFO of the company has the prime responsibility to ensure that value creation becomes a mainstream part of the corporate culture while fundamentals of the business are further strengthened. I am happy to be at ShopClues and hope to make a difference in this vibrant and new age company," said Deepak Sharma.

The company had deferred plans for IPO due to demonetization. The company, after it raised money at a valuation of $1.1-billion in 2016, had said it would file for an initial public offering (IPO) of its shares on Nasdaq by September 2017. 

Spearheaded by co-founders Sanjay Sethi & Radhika Aggarwal, ShopClues (an Indian subsidiary of Clues Network Inc., a US Corporation) was deemed a Unicorn in 2016 with the E-Series Funding by Sovereign Wealth Fund GIC Pte Ltd. Other investors include Tiger Global Management LLC, Helion Venture Partners & Nexus Venture Partners.

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Topics: C-Suite, Leadership

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