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.
IndusLaw advised
J Sagar Associates (JSA) acted as Indian counsel to
Dechert acted as US and Singapore Counsel to the buyer,
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
2019-11-01
Deal value: All stock deal
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