ShopClues, which is an online marketplace, is being acquired by the Singapore based eCommerce platform Qoo10 in an all-stock deal brining to end prolonged hunt by the Indian etailer for a buyer.
The transaction is learned to have valued ShopClues at $70-$100 million, according to the report.
“This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a prepared statement. The web retailer, while terming this as a “merger,” said the deal had been approved by the board of directors and major shareholders of both companies.
“This (deal) is one of the largest write-offs for investors like Nexus Venture Partners and Helion Venture Partners, which had a sizeable exposure to the company across their funds,” said one person aware of the deal.
Qoo10 operates a localized online marketplace across China, Malaysia, Singapore, and Hong Kong.