Singapore-based Qoo10 has acquired Gurugram-based e-commerce platform ShopClues in an 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 by Sandeep Aggarwal in 2011, ShopClues is popular in Tier 2, 3, and 4 cities in India. He stepped down as CEO in 2015 after being accused of insider trading in the US.
With over 60 million lifetime unique customers and over 7,00,000 merchants, ShopClues has taken local brands to the national stage with over 31,500 pin codes across India.
ShopClues also operates SmartChip and Momo as enterprise services and Ejono as a social commerce platform.
Founded in 2010, Qoo10 has become Singapore’s top e-commerce platform with over 3 million registered users.
Qoo10 is a major e-commerce platform in Southeast Asia serving small and medium enterprises (SMEs) in Singapore, Indonesia, Malaysia, China, Hong Kong etc. through their local online markets, and expanding to other Asian countries is planned.
The company raised $ 82.1 million (about Rs 582 crore) from various investors in 2015.
“This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and vendors across Asia,” the statement said.
ShopClues has created a differentiated position as a cost-per-market with a thriving ecosystem of small traders.