Online marketplace ShopClues has merged with Singapore-based e-commerce marketplace Qoo10, in about USD 70-100 million all-stock deal.
Three years after achieving unicorn status, ShopClues has been searching for the buyer from the last six months as it was struggling to survive in the competitive e-commerce space in India.
With this Qoo10 might enter the Indian overcrowded e-commerce space. Currently, it operates in Singapore, Indonesia, Malaysia, China, and Hong Kong.
ShopClues had earlier tried to make a deal with Snapdeal however the latter had turned down the offer because of the companies sharp decline in the market, outstanding liabilities, along with other reasons.