Online marketplace ShopClues on Thursday announced its merger with Singapore-based Qoo10 Pte Ltd in an all-stock deal.
Qoo10 is a leading eCommerce platform in South East Asia which services small and medium enterprises (SMEs) through its localised online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong etc, and plans to expand into other Asian countries.
"This partnership 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.
According to ShopClues, more than 70 lakh small and micro-merchants will be able to access to global markets via Qoo10's presence in South East Asia. Qoo10's merchants and its cross border logistics business will get access to the large Indian market with their high quality, value-for-money products, it added.
The merger has been approved by board of directors and major shareholders of both companies, the Gurugram-headquartered e-commerce company said.
Established in 2011, ShopClues achieved unicorn status in January 2016, when it raised a round of funding from sovereign wealth fund GIC Pte Ltd and its existing investors Tiger Global and Nexus Venture Partners.
Edited by Chitranjan Kumar