ShopClues finds buyer in Singapore's e-commerce platform Qoo10
November 1, 2019: Singapore-based e-commerce platform Qoo10 will acquire online marketplace ShopClues in an all-stock deal.
November 1, 2019: Singapore-based e-commerce platform Qoo10 will acquire online marketplace ShopClues in an all-stock deal. While ShopClues was valued at $1.1 billion in late 2015, reports quoted sources saying that the latest transaction has valued the company at $70-100 million.
“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 statement.
While ShopClues called the deal a "merger", Economic Times (ET) quoted sources saying that the acquisition was 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, said the ET report. Ku Young Bae, CEO, Qoo10 CEO had earlier invested an estimated $1 million in ShopClues in his personal capacity, but through a special purpose vehicle, according to the sources.
ShopClues was founded in 2011 by Sandeep Aggarwal, who stepped down as the CEO in 2015 after being charged with insider trading in the US, and handing over operations to Radhika Ghai Aggarwal and Sanjay Sethi. In January 2016, ShopClues entered the Unicorn club with its Series E investment round.
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