Groupon secures funding from Sequoia; Rebrands as NearBuy

August 10, 2015August 17, 2015 Akash Boaz 0 Comment eCommerce, featured, Groupon, NearBuy, Sequoia

Groupon India rebrands itself as NearBuy after securing funding from Sequoia. The investment is said to be of Rs. 100 crores. In addition to rebranding, the company will be more focussed on mobile apps, connecting buyers with deals in their localities. The company claimed that 60% of the their traffic and about 40% of business comes from mobile devices.

In a statement to ET, Ankur Warikoo, Chief Executive of Groupon India said

“India is a massive market and requires attention that Groupon can’t do as part of its 48-country portfolio,They feel the path (Groupon) India will follow to become a leader in local commerce may not be one that Groupon follows globally.”

As a result of this investment, Groupon will remain a minority stakeholder. However,the entity will still be called Groupon India Pvt Ltd with one member each on the board from the co-founders, Sequoia and Groupon.

Although Groupon has rebranded itself, (Nearbuy) It will still be a deals marketplace for stores, restaurants, health and beauty among other such services on its website. Nearby further plans to increase its focus to connect consumers with providers of services such as laundry, home cleaning, auto repairs and pest control through tie-ups with third-party providers.

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Akash Boaz

Akash is a Startup Enthusiast and an Entrepreneur by Heart. He is usually High on Tech and loves being a Life Hacker. Apart from being a Gamer by passion and a Foodie by choice, Akash loves to write about the Startup Ecosystem Stories. In addition to being a Management Consultant, he is also the Editor at Geekopedia