For reprint rights: Singapore-based e-commerce platform Qoo10 acquires ShopClues in all-stock dealMeesho, Shopclues, NoBroker, others enter online grocery space for survivalForget lockdown FOMO, enjoy being yourself: Shopclues co-founder Radhika GhaiIt is fraud company selling sub standard products and not supplying the products on receipt of payment. NEW DELHI|BENGALURU: Online marketplace ShopClues is being acquired by Singapore-based e-commerce platform Qoo10 in an all-stock deal bringing to an end a prolonged hunt by the Indian e-tailer for a buyer. Singapore-based Qoo10 has acquired Gurugram-based e-commerce platform ShopClues in an all-stock deal.
The company has been acquired by Singapore-based e-commerce marketplace Qoo10 in about $70-100 million all-stock deal. At the time, ShopClues was valued at about $200 million. Singapore-based Qoo10 Pte Ltd has acquired ecommerce company ShopClues in a stock deal, the Indian startup announced today (October 31).
It’s not known how the Tiger Global-backed company will offer value to Qoo10.
Once valued at over $1 billion, ShopClues sold for less than $100 million Online marketplace ShopClues is being acquired by Singapore-based ecommerce platform Qoo10 in an all-stock deal bringing to an end a prolonged hunt by the Indian etailer for a buyer.
ShopClues will be merged with eBay-backed Qoo10 as part of the agreement. ShopClues has raised more than $250 million over the years from a In 2016, when it raised about $140 million from Singapore sovereign wealth fund GIC and The company has been struggling to improve its revenue for several years, during which it engaged in merger conversations with every e-commerce player, including Probably new investor will understand this later.Good riddance to one Fraud company. ShopClues, founded in 2011 and a wholly owned subsidiary of U.S.-based Clues Network Inc., sells electronics and home, kitchen and lifestyle items to users in small cities and towns in India.
Finally, ShopClues has found a buyer. Terrible for the customers after short supply / fake goods, and no remedy. ShopClues, founded in 2011 and a wholly owned subsidiary of U.S.-based … This will alert our moderators to take actionSingapore-based e-commerce platform Qoo10 acquires ShopClues in all-stock dealCopyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. Shopclues acquired by Singapore based e-commerce platform Qoo10 in all-stock deal A number of key investors who had bet on ShopClues will stand to lose heavily and write off their investments.
It has built a network of more than 700,000 small and micro-merchants.The two companies said these merchants from ShopClues “will be able to access global markets via Qoo10’s presence in Southeast Asia.” They added, “similarly, Qoo10’s merchants and its cross-border logistics business will get access to the large Indian market with their high-quality, value-for-money products.”The merger has been approved by the board of directors and major shareholders of both companies, they said. Choose your reason below and click on the Report button. The ShopClues brand name may also not be retained after the closure of the transaction, sources said. With ShopClues in its portfolio, Qoo10 may enter already overcrowded Indian e-commerce space. A Singapore-based e-commerce company Qoo10 has acquired India's online marketplace ShopClues in an all-stock deal, the two companies stated on Thursday. India’s Shopclues acquired by Singapore’s Qoo10 for close to $100Mn In what would easily be one of the biggest valuation write-offs that Indian startups have witnessed till … Indian e-commerce unicorn ShopClues has at last avoided a total collapse situation by working out an acquisition for itself. As of earlier this year, the company claimed it was handling more than 60,000 deliveries a day.
The deal includes purchase of Smartship and Momoe enterprise services and Ezonow social commerce platform that ShopClues operated.Qoo10, which operates in Singapore, Indonesia, Malaysia, China and Hong Kong, said it hopes the new deal will help it further expand its business in South Asia.The announcement today comes months after ShopClues was in talks with Indian online retailer Snapdeal for a sale. It has hence been acquired by Qoo10 for $100 million in an all-stock deal. The company has been acquired by Singapore-based firm Qoo10 by a low amount of capital which it had raised across several funding rounds.
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