Gurugram-based e-commerce platform ShopClues has been acquired by singapore-based Qoo10 within an all-stock deal. Board of directors and shareholders of the two businesses approved the merger, the company said in a statement on Thursday. ShopClues is famous in grade 3, 2, and 4 cities in India. He stepped down as CEO at 2015 after being charged with insider trading in the united states.
With over 60 million lifetime unique customers and over 7,00,000 retailers, ShopClues has taken local brands to a national platform servicing over 31,500 snare codes across India.
ShopClues functions Ezonow as a trade platform and Momoe as business services and Smartship.
Qoo10 with more than 3 million users has become the top platform of Singapore.
The business increased $82.1 million (roughly Rs. 582 crores) from 2015 from various investors.
ShopClues has assembled a distinguished position as a market that was value-for-money with a thriving ecosystem of small merchants.