ShopClues Not Looking For Any Mergers With Flipkart
E-commerce firm ShopClues today refuted reports that it is in talks with rival Flipkart for a merger.
"Really speaking, it is not the fact. Of course, mergers help but do not guarantee businesses to grow," ShopClues CEO Sanjay Sethi told reporters.
Sethi said if money was the sole criterion to make and sustain a business, Tatas and Birlas would have merged their companies.
"If money was the only reason why businesses have to be made and sustained, then Tatas and Birlas should be one entity, but they aren't. They are competing with each other," he said.
Sethi also said it is wrong to link Flipkart and ShopClues on the basis of a common investor - Tiger Global.
"The largest investor in our company is Nexux Venture, which is also a very large investor in Snapdeal. Nexus Venture has bee...