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.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
TVS ELECTRONICS LTD.
NETWEB TECHNOLOGIES INDIA LTD.
DRUVA SOFTWARE PVT. LTD.
MATRIX COMSEC PVT. LTD.
Technology Icons Of India 2023: Ashish Kumar Chauhan
Ashish works as the CEO of the National Stock Exchange (NSE). He is al...
Technology Icons Of India 2023: Shailendra Katyal
Shailendra is instrumental in Lenovo achieving the no.1 position in PC...
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
REDINGTON INDIA LIMITED
Redington (India) Limited operates in the IT product distribution busi...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
R P TECH INDIA
R P Tech is recognized for its diverse products portfolio, value-add...