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Three years after achieving unicorn status, online marketplace ShopClues that has been struggling to survive in the competitive e-commerce space in India, has merged with Singapore-headquartered e-commerce platform Qoo10 Pte Ltd, in an all-stock deal.
"ShopClues has received a very small cash infusion from (Singapore-based) Qoo10 Pte Ltd along with the full stock merger deal, to keep the company (ShopClues) afloat. Qoo10 has a strong presence in the Southeast Asia market, and their acquisition of ShopClues in India also in line with its proposed IPO plans, as it looks to grow its market base, as well as the seller base," said an investor in ShopClues asking not to be named.
Mint
"ShopClues has received a very small cash infusion from (Singapore-based) Qoo10 Pte Ltd along with the full stock merger deal, to keep the company (ShopClues) afloat. Qoo10 has a strong presence in the Southeast Asia market, and their acquisition of ShopClues in India also in line with its proposed IPO plans, as it looks to grow its market base, as well as the seller base," said an investor in ShopClues asking not to be named.
Mint
