Qoo10 a Singapore-based e-commerce firm backed by the logistics subsidiary of eBay and Singapore Press Holdings and which raised $50m in June, has acquired India-based online marketplace ShopClues in an all-stock deal. The deal reportedly valued ShopClues between $50m and $80m compared to a peak of $1.1bn in 2016.
ShopClues, part of the Clues Network and backed by media group Bennett, Coleman & Co (BCC), will now be merged with Qoo10. In August last year, ShopClues raised $16m in funding, the Economic Times reported, after a $15m ad-for-equity deal with BCC’s Brand Capital subsidiary in November 2017.
