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: Shutterstock

Textiles | On 17th Feb 2020

Vietnam textile firms urged to source from Malaysia, India

Phạm Xuan Hong, president of Ho Chi Minh City’s textile association,...

Pic: PaCT

Apparel/Garments | On 17th Feb 2020

IFC portal to monitor resource usage in Bangla RMG sector

The International Finance Corporation (IFC) has developed PaCT...

Pic: Centric Software

Information Technology | On 15th Feb 2020

Centric SMB PLM solution reduces costs for SMEs

Silicon Valley-based Centric Software has developed an innovative,...

Interviews View All

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Christiane Thies,

Christiane Thies

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

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

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 2020

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


Advanced Search