Singapore Qoo10 acquires Indian eCommerce Platform Shopclues
Indian e-commerce firm ShopClues has inked an all stock-deal with Qoo10 to merge operations with the Singapore-based firm.
The collaboration presents "new strategic opportunities for both companies as it opens up cross border opportunities for consumers and sellers across Asia", ShopClues said in a statement.
While the terms of the deal were not disclosed, the development would come as a breather for the Indian e-commerce platform that has been struggling to control costs in the hyper-competitive online shopping segment in India.
Qoo10 is an e-commerce platform in South East Asia that serves small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, and Hong Kong.
Qoo10 also has plans to expand into other Asian countries...