ShopClues acquired by Singapore-based e-commerce platform Qoo10
As per media reports, ShopClues may not be able to retain its brand name
A Singapore-based e-commerce platform, Qoo10, is acquiring ShopClues, the online marketplace, as per media reports.
The deal is reportedly valued at $70 million to $100 million.
Media reports have called the development the largest valuation meltdown for a venture-backed Indian startup. ShopClues had been valued at $1.1 billion in 2015.
In a statement, the company said the deal has been approved by the board of directors and major shareholders of both companies.
ShopClues may not be able to retain its brand name.
As per media reports, Qoo10 CEO Ku Young Bae had earlier invested around $1 million in ShopClues in his personal capacity, but through a special purpose vehicle.
The deal is being reported as one of the largest write-offs for investors like Nexus Venture Partners and Helion Venture Partners.
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