Qoo10 acquires ShopClues in an all-stock deal
By MYBRANDBOOK
Singapore-based e-commerce platform Qoo10 has acquired ShopClues in an all-stock deal, bringing to an end a prolonged hunt by the Indian e-tailer for a buyer.
According to the sources, the transaction is learnt to have valued ShopClues at $70-100 million, in what is possibly the largest valuation meltdown for a venture-backed Indian startup, given that ShopClues at its peak was valued at $1.1 billion in late 2015.
Sources said the acquisition is not yet fully completed. As part of the buyout, Qoo10 will also acquire Momoe, the payments arm of Clues Network, which also owns the ShopClues marketplace. The ShopClues brand name may also not be retained after the closure of the transaction.
Additionally, Qoo10 CEO Ku Young Bae had earlier invested an estimated $1 million in ShopClues in his personal capacity, but through a special purpose vehicle. Qoo10 operates localised online marketplaces across Singapore, Indonesia, Malaysia, China and Hong Kong.
ShopClueslast raised Rs 7.8 crore from its parent entity in September, regulatory filings show. It had entered into negotiations to be acquired by Snapdeal, that could have seen Ghai, Aggarwal and Sethi get a 10% stake in the latter, but the deal failed to go through after the companies failed to agree on a number of critical issues.
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