Shopclues denies having any merger talks with Flipkart

E-commerce firm ShopClues, headquartered in Gurgaon, has denied reports that it is having merger talks with arch rival Flipkart.

"Really speaking, it is not the fact. Of course, mergers help but do not guarantee businesses to grow," ShopClues CEO Sanjay Sethi was quoted saying.

"If money was the only reason why businesses have to be made and sustained, then Tatas and Birlas should be one entity, but they aren't. They are competing with each other," he added.

Sethi also said that it was wrong to link the two e-commerce majors only because they have a common investor in Tiger Global.

"The largest investor in our company is Nexux Venture, which is also a very large investor in Snapdeal. Nexus Venture has been with ShopClues for four years, but somehow, nobody asks the same question about Snapdeal," he said.

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