Gurugram-based e-commerce company ShopClues is being acquired by Singapore’s Qoo10 in an all-stock deal. It is learnt that the deal valued ShopClues at $70-100 million. This valuation of Shopclues, is a serious low from its peak, during close of year 2015, when it was valued at $1.1 billion. The company achieved a billion dollar valuation in January 2016, during its funding round led by sovereign wealth fund GIC Pte Ltd.
Once it was being considered as another home grown e-commerce unicorn, however over last few years, the company had been struggling to survive in the competitive e-commerce space in India, dominated by Flipkart, and Amazon.
Qoo10 (formerly GMarket) operates localised online marketplaces across Singapore, Indonesia, Malaysia, China and Hong Kong. The company is backed by eBay. In 2015, it raised $82.1 million from Singapore Press Holdings, eBay, Saban Capital Group, UVM 2 Venture Investments, Brookside Capital and Oak Investment Partners. While ShopClues counts Tiger Global Management, Nexus Venture Partners and GIC, the Singapore Government-owned sovereign wealth fund as its lead investors.
Shopclues was founded in 2011 by former Wall Street analyst Sandeep Aggarwal. Two years later, Aggarwal resigned from the company following insider trading charges during his time at a wealth management firm in the US.
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