India’s online marketplace ShopClues has finally found its buyer. Singapore-based e-commerce platform Qoo10 has agreed to buy ShopClues in an all-stock deal.
The transaction is believed to valued at 70-100 million according to three sources aware of the developments. ShopClues is one of the larges valuation meltdowns for a venture-backed Indian startup because this e-commerce platform was once valued at $1.1 billion in late 2015.
After the news broke, ShopClues confirmed the development to Economics Times. The deal has been approved by the board of directors and major shareholders of both companies.
Tiger Global Management, Nexus Venture Partners and GIC are the lead investors in ShopClues. Along with these, Singapore Press Holdings, eBay, Saban Capital Group, UVM 2 Venture Investments, Brookside Capital and Oak Investment Partners are also stakeholders.
ShopClues was founded by Sandeep Aggarwal back in 2011. After the initial boost, the journey was not so smooth. The founder has to step down as CEO in 2015 after he was checked with insider trading in the US. The company also tried to selling itself to Snapdeal but the deal failed.
ShopClues claimed to have over 60 million lifetime unique customers and more than 700000 merchants on the platform serving more than 31,500 pin codes across India.
Qoo10 is a popular e-commerce platform in South East Asia. This deal will help it in entering the Indian market.
