Snapdeal to acquire ShopClues in all stock deal
By MYBRANDBOOK
Snapdeal is in talks to acquire ShopClues , Snapdeal had initiated talks with ShopClues to evaluate a “potential strategic alliance”, to buy smaller online retailer ShopClues in an all-stock deal. Snapdeal has investments from SoftBank, Foxconnand Alibaba Group.
A report says, with the growing competition with the dominated players including Amazon and Flipkart, who has the deep pockets with just about 36,000 orders a month and the newer regulations by the Government of India, Shopclues had been losing momentum with its orders dropping and its investors had refused to provide any lifeline to the company.
As per the record, ShopClues had last raised funding in 2018 when a few existing investors injected Rs. 110 crore into the company. The company had last raised a sizeable amount in early 2016 in a round led by Singapore sovereign fund GIC and Tiger Global at a valuation of $1.1 billion.
Nexus Ventures that has backed both the online retailers, are looking at ways to save ShopClues from going down. If the deal materialises, there will be no cash involved and all the existing investors of ShopClues will get a share in the combined entity. A report says, both will merge into one and at the later stage, someone will come and take the both merged entity, to increased penetration in the country.
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