Shopclues approaches Snapdeal

Shopclues approaches Snapdeal

With mounting losses – over Rs 270 crore in FY18 – e-tailer ShopClues is understood to have approached Snapdeal for a possible buy-out.

“ShopClues has approached Snapdeal but the talks are in a very preliminary stage. The contours of the deal have not yet been worked out,” a source aware of the discussions told FE. Documents sourced from business intelligence platform Tofler showed that ShopClues posted losses of Rs 347.15 crore in FY17 while revenue from operations stood at a mere Rs 180.03 crore during the period. Losses in FY16 were higher at Rs 383.05 crore while in FY15, the firm reported losses of over Rs 100 crore.

“While we don’t respond to market rumours, there are no talks of merger with anyone,” a spokesperson at ShopClues said in response to FE’s query. Snapdeal did not respond to FE’s queries.

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