Home / Knowledge / News / E-commerce / Qoo10 acquires Indian e-com platform ShopClues

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)


Must ReadView All

Pic: Pexels/Hugo Heimendinger

Textiles | On 25th Feb 2021

Vietnam's growth outlook linked to response to new

Vietnam’s growth prospects will depend on how well and quickly its...

Pic: Puma

Apparel/Garments | On 25th Feb 2021

Puma reports sales of €5.2 bn in FY20

Puma, a Germany-based manufacturer of athletic and casual footwear,...

Pic: Zalando

E-commerce | On 25th Feb 2021

Zalando expands online store Zircle to Sweden & Denmark

Zalando has expanded Zircle, a webshop dedicated to consumers looking ...

Interviews View All

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Footwear industry, Head honchos

Footwear industry
Head honchos

There is rising demand for fancy, trendy and yet comfortable footwear

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Ronald Van Den Broek,

Ronald Van Den Broek

Headquartered in Japan, Mimaki Engineering Co. Ltd. manufactures and...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Christiane Thies,

Christiane Thies

Founded in 1892, Thies has concentrated on the fabrication of high-quality ...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search