US-based daily deals company Groupon Inc. has re-branded its Indian operation business from Groupon to new entity called as Nearbuy (www.nearbuy.com). Groupon India has also raised undisclosed amount of funding from Sequoia Capital India. The company will expand its reach to 35 plus cities across 18 plus categories and will now function as an independent entrepreneurial entity, while still continuing to have Groupon as a large shareholder.
The new entity is said to have secured an investment of about Rs 100 crore from Sequoia. The cofounders, Sequoia and Groupon will have one member each on the board and the entity will continue to be called Groupon India Pvt.
Groupon entered the Indian market through the acquisition of local company SoSasta in Jan 2011.The Indian company was renamed Crazeal in Oct 2011 and CEO Ankur Warikoo was placed at the helm. Finally, after winning a battle to acquire the groupon.co.in domain name, the Indian business was renamed Groupon in Nov 2012.
Groupon is also working to change it existing model of daily deals to e-commerce marketplace which it did for US market as well.
Currently, 60 per cent of the Groupon India’s traffic and about 40 per cent of business comes from mobile devices.
The ‘nearbuy’ leadership team will comprise six Co-Founders; Ankur Warikoo – CEO, Sumeet Kapur – CFO, Snehesh Mitra – CTO, Sachin Kapur – CMO, Ankur Sarawagi – CBO (Travel & Products) and Ravi Shankar – CBO (Local Commerce).