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Indus, JSA, Dechert, Fenwick scalp ex-unicorn ShopClues to Singapore dot-com for $70m

Beleaguered ecommerce company ShopClues has found an unlikely home. Once a unicorn, the Gurugram-based startup was struggling to keep afloat due to a fund crunch. It was bought by Singapore’s Qoo10 for approximately $70 million in an all-stock deal in early November. Qoo10, barely known in India, is a popular ecommerce platform in Singapore, Hong Kong and Malaysia.

Forbes India

IndusLaw advised ShopClues, owned by Clues Network Private Limited, led by a team of partner Saurav Kumar, principal associate Harman Walia, senior associate Sourav Nath, associate Swathi Sreenath.

J Sagar Associates (JSA) acted as Indian counsel to Q10 Singapore, led by partners Sidharrth Shankar and Prakriti Jaiswal.

US law firm Fenwick & West was US Counsel to ShopClues, led by partner Dawn Belt.

Dechert acted as US and Singapore Counsel to the buyer, Q10 Singapore and Q10 Amercia, led by counsel Timothy Goh, and associate Jalpit Amin.

According to IndusLaw, the deal involved the merger of Clues Network Inc (CNI), the parent company of Clues Network Private Limited (CNPL) with Q10 America. Q10 America (the subsidiary of Q10 Singapore) merged with CNI, with CNI being the surviving entity. The merger resulted in the exit of the existing shareholders of CNI and CNI (including its wholly owned subsidiaries in India (a) CNPL; and (b) Momoe Technologies Private Limited) being owned by Q10 America (the subsidiary of Q10 Singapore).

Update 5 December 2019: Rajaram Legal advised existing investor Unilazer led by a team including founding partner Archana Rajaram, and senior associate Nikita Rajwade.


Deal value: All stock deal

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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