Indian e-commerce company Shopclues is merging with Singapore-based e-commerce company Qoo10.
Shopclues describes the merger as “new strategic opportunities for both companies as it opens up cross-border opportunities for consumers and sellers across Asia”.
“Our merchants will be able to access global markets via Qoo10’s presence in Southeast Asia. Similarly, Qoo10’s merchants and its cross-border logistics business will get access to the large Indian market,” said Shopclues in a statement.
People familiar with the merger said Qoo10 has paid between US$50 million and US$80 million to buy Shopclues, which has more than 700,000 merchants selling on its marketplace.
Shopclues first approached its rival Snapdeal for a merger, but the deal did not push through.
Launched in 2010, Qoo10 runs localised online marketplaces in countries including Singapore, Indonesia, Malaysia, China and Hong Kong, and competes with Lazada and Shopee.