Singapore's Qoo10 acquires Indian online marketplace ShopClues

Singapore's Qoo10 acquires Indian online marketplace ShopClues

Young Bae Ku, founder of Gmarket Inc. and chief executive officer of Qoo10, a unit of Giosis Pte, poses for a photograph in Singapore, on Friday, July 28, 2017. Giosis, a joint venture between eBay Inc. and Bae, operates 7 localized online marketplaces in 5 countries including Japan and Singapore. Photographer: Nicky Loh/Bloomberg via Getty Images

Qoo10, a Singapore-based e-commerce firm has acquired India’s online marketplace ShopClues in an all-stock deal, the two companies said Thursday. The deal, which per a person familiar with the matter valued ShopClues at $100 million, ends years-long struggle at once thriving Indian firm to find a new home. The new deal will see ShopClues merged with eBay-backed Qoo10.

ShopClues, founded in 2011, 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 board of directors and major shareholders of both companies,” they said in a statement. The deal includes purchase of Smartship and Momoe enterprise services and Ezonow social commerce platform that ShopClues operated.

The announcement today comes months after ShopClues was in talks with Indian online retailer Snapdeal for a sale. At the time, ShopClues, which was worth $1.1 billion, was valued at about $200 million. ShopClues raised more than $250 million over the years from a number of high profile investors including Tiger Global and Nexus Venture Partners.

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