Online shopping site ShopClues has decided to merge its business with Singapore-based Qoo10 in a stock deal on Friday.
Qoo10 is an e-commerce platform that has operations across south east Asia and helps small and medium enterprises to reach marketplaces across Singapore, Indonesia, Malaysia, China and Hong Kong.
With this development, over 7,00,000 SME and micro-merchants of ShopClues would be able to access global markets through Qoo10. The board of directors and major shareholders of both the companies okayed the deal, said a company release.
“The partnership presents new strategic opportunities for both companies, as it opens up cross border opportunities for consumers and sellers across Asia,” it said.
