Shopclues Acquired by Singapore Based E-Commerce Platform Qoo10 in All-Stock Deal
The merger was approved by the board of directors and major shareholders of both companies, the company said in a statement on Thursday. Founded in 2011 by Sandeep Aggarwal, ShopClues is popular in tier 2, 3, and 4 cities in India. Sandeep Aggarwal stepped down as the CEO in 2015 after being charged with insider trading in the US.
With over 60 million lifetime unique customers and more than 7,00,000 merchants, ShopClues has taken local brands to a national platform servicing more than 31,500 pin codes across India. ShopClues also operates Smartship and Momoe as enterprise services and Ezonow as a social commerce platform.
Established in 2010, Qoo10 with more than 3 million registered users has become Singapore’s top e-commerce platform. Qoo10 is a leading e-commerce platform in South East Asia which services small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong, etc, and planned to expand into other Asian countries.
The company has raised $82.1 million (roughly Rs. 582 crores) in 2015 from various investors. “This partnership presents new strategic opportunities for both companies, as it opens up cross border opportunities for consumers and sellers across Asia,” the statement read. ShopClues.com has built a differentiated position as the value-for-money marketplace with a booming ecosystem of the small merchants.