The Silicon Review ^Asia

One of India’s most favorite online marketplace ShopClues is being acquired by a Singapore-based e-commerce firm/platform Qoo10 in an all-stock market deal. With this deal, a prolonged hunt by the Indian e-retailer for a buyer came to an end.

The transaction amount ranges approximately $70-100 million, according to the recent resources and from the developmental sources. It is said to be the largest valuation meltdown for a company or a venture-backed Indian Startup, given that when ShopClues was at its peak best the company validation was said to be $1.1 billion in the year 2015.

“This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” stated the company in a recent press conferenceand the firm also added that the deal has been approved by the board of directors and major shareholders of both companies.

ShopClues which was founded in 2011 by Sandeep Aggarwal, has had a tumultuous leadership history. It was once known for keeping its expenses low in the field of the e-retail platform when compared to other firms, however, continued to lose market as well as share value with the likes of Flipkart, Amazon, and Snapdeal, post its pivot in 2017 was seriously looking to capture the customers beyond the top cities.