Popular e-commerce firm ShopClues today refuted reports that it was negotiating a merger with rival Flipkart.
“Really speaking, it is not the fact, ShopClues CEO Sanjay Sethi told reporters in Bengaluru adding that it would be wrong to think of the two e-commerce players on the basis of a common investor – Tiger Global.
He further argued that the largest investor in ShopClues was Nexux Venture, which had also put a lot of money in Snapdeal and was one of its main investors.
“Nexus Venture has been with ShopClues for four years, but somehow, nobody asks the same question about Snapdeal,” he said putting to rest speculation about the Flipkart-ShopClues merger.
Talks and queries on the speculation literally eclipsed the launch of Adzone initiative of Shopclues. Adzone is a dedicated sellers’ platform where merchants seeking to advertise their products on ShopClues can enter a bidding process to initiate their campaign.