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Published
Jun 19, 2019
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Snapdeal may not go ahead with ShopClues acquisition

Published
Jun 19, 2019

The e-commerce platform Snapdeal reached the due diligence stage of negotiations over a possible acquisition of ShopClues but the due diligence findings could put a spanner in the works of any possible deal.

Snapdeal could decide against acquiring ShopClues - Snapdeal- Facebook


Negotiations for Snapdeal’s possible acquisition of ShopClues could come to a halt yet again, sources told the Press Trust of India. Snapdeal had conducted due diligence procedures for ShopClues with the advisory firm Ernst & Young which was the furthest that negotiations concerning a possible all-stock acquisition deal had reached after previous talks had fallen through at an earlier stage.

The sources told that there were concerns over the findings of the due diligence investigation. Although both Snapdeal and ShopClues refrained from commenting on the situation citing confidentiality agreements, the Press Trust of India’s sources said that the due diligence found that ShopClues has a high return rate on orders as well as tax risks, potential litigation, and a number of liabilities which made the deal less attractive for Snapdeal. 

ShopClues, registered as Clues Network, experiences losses of Rs 208 crore ($29.8 million) during the 2018 financial year which ended in March 2018. The business retails fashion, accessories, electronics, and lifestyle goods and mainly caters to customers in Tier 2 and 3 cities.

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