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Qoo10 acquires Indian e-com platform ShopClues

04
Nov '19
Pic: Shutterstock
Pic: Shutterstock
Qoo10, Singapore-based Southeast Asian e-commerce platform servicing small and medium enterprieses through its localized online marketplaces, has acquired India-based online marketplace ShopClues in an all-stock deal. ShopClues will merge with Qoo10, and the merger has been approved by the boards of directors and major shareholders of both companies.

"This partnership presents new strategic opportunities for both companies, as it opens up cross border opportunities for consumers and sellers across Asia," ShopClues said in a statement.

Over 70 lakh small and micro merchants of ShopClues will have access to global markets via Qoo10's presence in Southeast Asia, ShopClues said. On the other hand, Qoo10's merchants and its cross-border logistics business will get access to the large Indian market.

ShopClues was set up in July 2011 in Silicon Valley by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. Subsequently, it achieved unicorn status in January 2015, when it raised a round of funding from sovereign wealth fund GIC Pte Ltd and its existing investors Tiger Global and Nexus Venture Partners.

2016 was historic year for the company, also because it crossed 100 million monthly visits, in addition to acquiring payment gateway Momoe.

Subsequently last year, the company started its offline journey and launched its first retail store in Lucknow featuring its exclusive labels like the Homeberry, MEIA, Baton and Digimate.

Earlier this year, Shopclues raised ₹7.86 crore from its parent company Clues Network Pvt. Ltd.

Qoo10 currently has localised online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong, and it is planning to expand to more countries.

Fibre2Fashion News Desk (RKS)


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