Shopclues’ sale for a pittance lets out Indian e-commerce’s open secret: distress

Shopclues’ sale for a pittance lets out Indian e-commerce’s open secret: distress

  • With big-bang fundraising and incredible employment-generation projections, online retail was widely seen as the superstar of India’s technology startup boom in the past decade. However, hints of a bubble have been popping up over the recent years.
  • Gurugram-based e-commerce firm Shopclues said it will merge with Singapore’s Qoo10 in an all-stock deal. Qoo10 (formerly GMarket) is backed by eBay and runs online marketplaces in China, Singapore, Indonesia, Malaysia, and Hong Kong.
  • In January 2016, Shopclues announced it had become a unicorn when it raised an undisclosed amount in its series E round from Singapore’s sovereign fund GIC, among other investors. At the time, The Times of India had reported the company’s claim to be a unicorn as false.

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