Biography of Sandeep Aggarwal: Founder & CEO of unicorn startups ShopClues and Droom
Biography of Sandeep Aggarwal:
Sandeep Aggarwal, a notable tech entrepreneur, has achieved
remarkable success by founding two unicorn startups: ShopClues and Droom.
Recently, his venture Boundless Brands secured $2.5 million in seed funding,
further showcasing his prowess in the tech industry. Despite his
accomplishments, Sandeep’s journey has been marked by significant personal and
professional challenges.
Sandeep Aggarwal was born and raised in Chandigarh, India.
He married Radhika Ghai, but the couple divorced in 2018. He has two sons,
Ahaan Aggarwal and Arjit Aggarwal. In 2020, Sandeep married Upasana S.
Aggarwal.
Education & Career
Sandeep completed his early education at SD Model School in
Karnal and graduated from Kurukshetra University. He is an alumnus of Dayal
Singh College in Karnal, graduating in 1992, and later attended Devi Ahilya
University in Indore for a Master’s in Finance (1994-96). In 1999, he moved to
the USA to pursue an MBA from Washington University in St. Louis. Sandeep
worked at Schwab.com in San Francisco and at Microsoft’s corporate headquarters
in Redmond, Washington, in strategy and financial planning roles before
embarking on his entrepreneurial journey.
Educational Background and Innovations
Sandeep holds an MBA from Washington University in St. Louis
and is recognized for his contributions to technology and innovation, including
holding a US patent. His educational background and patent highlight his deep
expertise and commitment to technological advancement. Additionally, he
authored the best-selling book "Fall Again Rise Again," which
underscores his entrepreneurial philosophy and resilience.
Biography of Sandeep Aggarwal: Founder & CEO of Unicorns ShopClues & Droom-Indian Entrepreneur/Angel Investor/ Success story of Unicorn ShopClues & Droom
Unicorn Achievements
Sandeep is notable for founding two back-to-back unicorns, a
rare feat in the tech industry. His first major venture was ShopClues, India's
pioneering online managed marketplace. This success was followed by Droom,
marking him as a distinguished figure in India's tech ecosystem. His ability to
establish and scale successful tech companies underscores his innovative
approach and strategic vision.
From Setbacks to Triumphs
Sandeep's career has had its ups and downs. He faced a major
setback when he was arrested by the Federal Bureau of Investigation (FBI) in
the United States, leading to the loss of his first company. Additionally, he
endured a tumultuous divorce. Nevertheless, he remained resilient, continuing
his entrepreneurial endeavors. His perseverance paid off as he successfully
launched Droom, another unicorn venture, and was later exonerated by a US court
in the financial crime case.
Founding ShopClues
In 2010, Sandeep founded ShopClues, which became a major
player in India’s e-commerce sector. Despite being the 35th entrant into a
crowded market, ShopClues quickly rose to prominence, becoming the fifth
unicorn in the consumer internet space. Initially established in California,
Sandeep relocated to India in August 2011 to lead the company's operations.
Career Before Entrepreneurship
Before venturing into entrepreneurship, Sandeep had a
distinguished career on Wall Street as a research analyst. Over 14 years, he
worked with prominent firms such as Citigroup, Oppenheimer, and Collins
Stewart, earning a reputation as a top-ranked analyst. His financial acumen and
experience in the industry laid a strong foundation for his subsequent
entrepreneurial successes.
Controversies
In July 2014, Sandeep faced insider trading charges and was
arrested by FBI agents in San Jose, California. However, in February 2020, the
United States Department of Justice (DoJ) dropped all charges against him. The
US Securities and Exchange Commission (SEC) reached a settlement with Aggarwal,
resolving the case.
Rebuilding and Success with Droom
After the troubles with Shopclues, Sandeep founded Droom in
2019. He quickly secured $16 million in funding within the first year, and over
the next three years, raised an additional $90 million through several funding
rounds. Droom's success has positioned it as a unicorn and a leading player in
the auto-tech industry.
Personal Struggles and Controversies
Sandeep’s life faced significant turmoil during his time
with Shopclues. While on vacation in the United States with his family, he was
arrested by the FBI and charged with insider trading related to his previous
work. This arrest forced him to remain in the US for over a year, separated
from his family, and manage Shopclues remotely. His situation caused
dissatisfaction among investors, who blamed his legal troubles for the
company’s problems. Eventually, he stepped down as CEO and lost control of
Shopclues, which was later sold for around $100 million in 2019.
During his legal battles, Sandeep spent time in jail under
difficult conditions, and his charges were ultimately dismissed in 2020.
Despite this, the damage to his career and personal life was substantial. His
marriage ended in divorce, but he remarried in 2020.
Philanthropy
Sandeep founded the Sandeep Aggarwal Foundation to tackle
developmental challenges in India. The foundation has collaborated with Umeed
Foundation and Zoe Mission to support and uplift society.
Contributions to Digital India
Beyond his entrepreneurial ventures, Sandeep has actively
engaged with policymakers and trade bodies to advance the Digital India
initiative. His role as a master on MTV Dropout, a reality TV show focused on
entrepreneurship, and his collaboration with various stakeholders highlight his
commitment to fostering growth and innovation in the digital space.
Investments
Sandeep has been an active angel investor, investing in
several early-stage firms both in India and abroad. His investments include
Dekoruma, Wydr, Shopsity, Data Guise, Give Club, Duriana, and Curo Healthcare
in 2016. He established his family office, Digital Route, to manage these
investments. In 2017, he backed WittyFeed and the venture capital fund LionBird
Venture. In 2020, he invested in the seed round for Junoon, a training company,
and ClanConnect.ai, an influencer marketing startup.
Awards
Sandeep Aggarwal has received numerous accolades for his
contributions to the business world:
December 2015: Awarded "Top 50 Entrepreneur Award"
by The Smart CEO.
May 2016: Recognized as "AsiaOne Person of the
Year" by URS International.
July 2017: Ranked among the top 30 Influential Business
Leaders by Insights Success.
February 2018: Received the "Digital Entrepreneur of
the Year" award from Haryana Gaurav Awards.
February 2018: Honored as "Business Leader of the
Year" by the World Federation of Marketing Professionals.
March 2018: Named "DigiXX Person of the Year" by
AdTech.
September 2018: Awarded "Entrepreneur of the Year"
by ASSOCHAM India.
A timeline for Sandeep Aggarwal’s story:
1992: Graduated from Dayal Singh College, Karnal.
1994-96: Pursued a Master’s in Finance at Devi Ahilya
University, Indore.
1999: Moved to the USA to pursue an MBA from Washington
University in St. Louis.
2010: Founded ShopClues, which became a unicorn in India’s e-commerce
space.
July 2014: Arrested by the FBI on insider trading charges.
February 2020: Charges were dropped, and he was exonerated
by the US court.
2019: Launched Droom, achieving unicorn status in the
auto-tech industry.
2020: Married Upasana S. Aggarwal and secured $2.5 million
in seed funding for Boundless Brands.
