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E-commerce firm <keyword id="6357066" type="UNKNOWN" weightage="100" keywordseo="ShopClues">ShopClues</keyword>, headquartered in Gurgaon, has denied reports that it is having merger talks with arch rival <a href="http://www.businessinsider.in/Flipkart-just-made-a-move-to-improve-its-customer-service-as-Amazon-is-also-bringing-a-similar-concept-to-India/articleshow/53278799.cms">Flipkart</a>. 
 
"Really speaking, it is not the fact. Of course, mergers help but do not guarantee businesses to grow," <a href="http://www.businessinsider.in/Shopclues-goes-local/articleshow/51681993.cms">ShopClues </a>CEO <keyword id="118292" type="PERSON" weightage="100" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> 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 <a href="http://www.businessinsider.in/Tiger-Global-Management-to-adopt-two-track-approach/articleshow/49856094.cms">Tiger Global</a>. 
 
"The <a href="http://www.businessinsider.in/ShopClues-raises-Series-E-at-a-valuation-of-1-1-Billion/articleshow/50547081.cms">largest investor </a>in our company is Nexux Venture, which is also a very large investor in Snapdeal. Nexus Venture has been with <a href="http://www.businessinsider.in/ShopClues-acquires-Momoe/articleshow/53223378.cms">ShopClues </a>for four years, but somehow, nobody asks the same question about Snapdeal," he said. 
 
<a href="http://www.livemint.com/rf/Image-621x414/LiveMint/Period1/2015/04/18/Photos/Sanjay%20Sethi-k4FE--621x414@LiveMint.jpg">Image source</a>

Shopclues denies having any merger talks with Flipkart

<ul><li><keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="Shopclues">Shopclues</keyword> has finally been sold to Singapore-based <keyword id="8279466" type="UNKNOWN" weightage="20" keywordseo="Qoo10">Qoo10</keyword> in an all stock deal. </li><li>The <keyword id="7321558" type="UNKNOWN" weightage="20" keywordseo="unicorn-startup">unicorn startup</keyword> was sold at a valuation ranging between just $70-100 million. </li><li>This year, Shopclues had been at the centre of multiple failed attempts at mergers as it tried to survive.</li></ul>Indian unicorn e-commerce startup Shopclues has finally <a href="https://tech.economictimes.indiatimes.com/news/internet/shopclues-acquired-by-singapore-based-qoo10/71839928">found</a> a buyer in Singapore-based e-commerce platform Qoo10. Shopclues which was once valued at $1.1 billion-- is sold in an all stock deal for a reported valuation ranging between $70-$100 million. Here’s a look at how it all went down for the e-commerce startup. 2011 Shopclues was founded in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. This was two years before Amazon came to India. It raised an angel round of funding. 2012 The startup raised its series A round of funding of $4 million. During this time, Shopclues had 2500 transactions a day and according to <a href="https://www.techcircle.in/2012/09/04/excl-shopclues-raises-4m-in-series-a-round-looking-to-gross-rs-100cr-sales-by-dec-2012">reports</a>, was hoping to turn profitable by 2013. 2013 Gaining momentum, Shopclues closes its series B round for $10 million from investors Nexus Venture Partners and Helion Venture Partners. 2014 Shopclues raised $15 million as a part of its series C round of funding from its existing investors. 2015 In 2015, the startup scooped up its Series D funding for $100 million, also welcoming Tiger Global to its board of investors. “Shopclues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier 2 and tier 3 cities,” the then Tiger Global private equity business head Lee Fixel <a href="https://www.vccircle.com/e-com-marketplace-shopclues-raises-100m-series-c-funding-led-tiger-global/">had said.</a> It also registered a GMV of $400 million. 2016 Between late 2015 and early 2016, Shopclues closed its series E round of funding to join the prestigious unicorn club. It also brought back its dreams for profitability while also reportedly hoping for an IPO. 2017 Shopclues was caught in the middle of a very public spat between its founders – husband and wife duo Sandeep Aggarwal and Radhika. Aggarwal put out a post on Facebook accusing his wife of “an illicit affair” as well as ousting him from the company. It was also the year when the company’s <a href="https://economictimes.indiatimes.com/small-biz/money/shopclues-fy-17-revenue-up-5-losses-decline-by-13/articleshow/61539773.cms">revenue began slowing dow</a>n. In FY17, the company’s revenue grew by 5% instead of the usual 50% jump it had been seeing. Its losses stood at ₹332 crores. 2018 It managed to come back in the game with a 46% revenue jump and cutting down its losses to ₹208 crore in FY18. But at this time, Shopclues also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shopclues-revenue-up-46-to-rs-273-crore/articleshow/66409043.cms">cut down</a> on operational costs, advertising spends and employee benefits. However, it was facing immense competition from Flipkart, Amazon, Paytm etc who were growing at breakneck speed. Meanwhile, Shopclues was focussing on its wholesale marketplace model. Once again, its plans to go in for an IPO in 2018, failed to see the light of the day. Multiple senior management <a href="https://www.thehindubusinessline.com/info-tech/top-level-exits-at-shopcluescom/article23263804.ece">exits</a> too began in the company. It also fired 50 employees across verticals. It also lost a legal fight with L’oreal, which had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms">accused</a> Shopclues of selling counterfeit products on its platform. 2019 Having survived on bridge rounds of investments, troubles started mounting for the company as its struggle to survive became public. The rumours of its probable sell began taking solid turns. Snapdeal (who was itself making a comeback from massive losses) was reported to be in talks with Shopclues for a possible merger, but the talks didn’t go through in the end. There were also rumours about ebay.in looking to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">acquire</a> Shopclues. Shopclues also laid off about 200 employees to cut costs. Then came the news of its final sale to Singapore-based Qoo10 in an all stock deal, but with a massive fall in valuation. “This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a statement.

Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

<ul><li><keyword id="6357395" type="UNKNOWN" weightage="20" keywordseo="eBay">eBay</keyword> was an early mover in India’s <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> space, investing $50 million in Baazee.com in 2004. </li><li>It was unable to make much of a dent in the market and its Indian operations were eventually sold to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> last year. </li><li>As part of its second attempt, eBay will focus on <keyword id="6744826" type="UNKNOWN" weightage="20" keywordseo="cross-border-retail">cross-border retail</keyword>, and is reportedly considering a merger with ShopClues. </li></ul>Just when you thought India’s e-commerce sector couldn’t get any more crowded, eBay is said to be planning a <keyword id="6635306" type="UNKNOWN" weightage="20" keywordseo="relaunch">relaunch</keyword> in the country. The US-based e-commerce company, which is primarily known as a consumer-to-consumer service, will part ways with Flipkart next month. Flipkart will shut the eBay.in portal on 14 August, and replace it with a platform for the sale of used and refurbished goods through its local subsidiary, F1 Info Solutions and Services. As part of its second attempt to break into India, eBay will focus on cross-border retail - the purchase and sale of goods between businesses in countries that are close to one another. It will not make a solitary go of it, however. According to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">media reports</a>, the company is planning to merge with a local e-commerce platform. It has held talks with ShopClues, an online marketplace established in 2011, in this regard. The Gurugram-based ShopClues is reportedly in negotiations with a number of companies for a potential sale. Early mover, early failure eBay was an early mover in India’s e-commerce space, investing $50 million in Baazee.com, an auction site, in 2004 - a year in which the concept of online shopping was relatively new. The deal was a landmark one, but unfortunately, it didn’t pan out according to the eBay’s expectations. The concept of auctions didn’t catch on with the Indian public, who preferred their discounted prices upfront, which led to low volumes. In addition, the rapid turnover of senior managers and cumbersome regulation didn’t help either. Hence, it was unable to make much of a dent in the market and lost out to other players. In April 2017, eBay’s India operations were sold to Flipkart after the latter completed a $1.4 billion fundraising round from eBay along with Tencent and Microsoft. eBay took an equity stake in Flipkart in exchange for a $500 million investment and a 100% stake in its Indian operations. The company, remained an independent entity, eventually reaching a customer base of 4 million users. However, after the dissolution of the eBay-Flipkart partnership, its customers will likely migrate to Flipkart’s new portal. eBay will have its work cut out for it in the short term, which is why it’s keeping its ambitions modest. Cross-border trade is a small piece of the e-commerce market. eBay’s immediate priorities will be to find a local partner and get foreign and local businesses onboard.

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Shopclues denies having any merger talks with Flipkart

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