Qoo10 acquires e-commerce platform ShopClues in all-stock deal. The merger was affirmed by directorate and significant investors of the two organizations, the organization said in an announcement on Thursday. Established in 2011 by Sandeep Aggarwal, ShopClues is prominent in level 2, 3, and 4 cities in India. He ventured down as CEO in 2015 in the wake of being accused of insider trading the US.
With more than 60 million lifetime extraordinary users and in excess of 7,00,000 dealers, ShopClues has taken nearby brands to a national platform overhauling in excess of 31,500 stick codes crosswise over India. ShopClues additionally works Smartship and Momoe as enterprise services and Ezonow as a social trade platform.
Built up in 2010, Qoo10 with in excess of 3 million enlisted users has become Singapore’s top e-commerce platform. Qoo10 is a main e-commerce platform in South East Asia which services SMEs i.e. small and medium enterprises through its limited online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong and so forth, and wanted to venture into other Asian nations.
The organization raised $82.1 million (generally Rs. 582 crores) in 2015 from different speculators. ShopClues has constructed a separated situation as a worth for-cash marketplace with a flourishing eco system of little dealers.
The company said in a statement that, “This partnership presents new strategic opportunities for both companies, as it opens up cross border opportunities for consumers and sellers across Asia.”
Norman Pearlstine is the Chief Editor of News Raise and focuses on Business news. His responsibility is to oversee the editorial content including business, commodities, personal investments and the stock market.
