The transaction is expected to be a 100 percent purchase of Shopclues
According to sources, Snapdeal has initiated preliminary discussions with Shopclues to evaluate a potential strategic alliance.
Kunal Bahl, the plucky co-founder and CEO of Snapdeal, is back on deal street.
The position taken by these players is in contrast to that of giants like Amazon and Walmart-backed Flipkart who have sought an extension, stating that they need more time to understand the details of the framework.
The company, which is registered as Clues Network, had registered a loss (after tax) of Rs 347 crore in 2016-17.
Flipkart will be hoping that the newest vertical under its umbrella will help bolster its status as the preferred destination for smartphones, both new and refurbished.
The new label focussing on affordable western wear and accessories is targeted at women in tier II, III and IV regions, ShopClues said in a statement.
Absence of any detailed guidelines have left many companies anxious as they are still not clear about what constitutes profiteering
According to sources, this money has come from existing investors Nexus Venture Partners and Tiger Global.
ShopClues, which recently raised $10 million from existing investors, is itself holding talks with multiple e-commerce companies for a potential sale
The company had a total loss of Rs 333 crore in 2016-17, a ShopClues spokesperson told PTI.
ShopClues had launched Home Berry, its home decor exclusive label in July last year, followed by women's fashionwear brand Meia in September. It also operates Baton (men footwear) and Digimate (electronics accessories) brands.
As more Indians are expected to shift their daily shopping to the online world, stringent laws will ensure their trust in e-commerce.
Shopclues expects an exciting year ahead as it plans to launch smartphones. Cofounder Radhika Agarwal spells out the company's strategy for 2017.
Droom already offers instant price discovery for a used vehicle on its website under its valuation service called Orange Book Value
Media baron and private equity investor Ronnie Screwvala, who is holding stakes in Lenskart and ShopClues, today said both the e-commerce firms may go for Initial Public Offering (IPO) in the next two years.
Shopclues ex-CEO Sandeep Aggarwal had filed an FIR against the company’s other two co-founders Radhika Ghai and current CEO Sanjay Sethi, earlier this month.
In the next few months, Shopclues is planning to launch exclusive labels in men’s fashion, electronics and accessories.
This year’s Diwali sale is expected to offer big discounts across e-commerce platforms such as Paytm, Flipkart and Amazon.
This year’s Diwali sale is expected to offer huge discounts across e-commerce platforms Paytm, Flipkart and Amazon as all the three players are heavily stashed with billions of dollars.
The company joined the Unicorn club with a claimed valuation of USD 1.1 billion last January following a fund infusion from GIC Pte Ltd, Tiger Global Management and Nexus Venture Partners
The company aims to organise the mostly unstructured category of used and unboxed electronics, it said.
The e-commerce company will be among the first marketplaces to enter this category.
It doesn’t matter if someone believes in your conviction or not. You have to wear a salesman hat and convince someone to put money in you, advises Droom CEO Sandeep Aggarwal.
ShopClues team is encouraging weavers to register themselves on e- commerce sites, where they can sell their product directly to consumers and fetch its right price.