Coupon and deal aggregator website, CupoNation, has secured $11.1 Mn (INR 76.3 Cr or Euro 10 Mn) in Series B round of funding. The round was led by its existing investor Rocket Internet AG.
The other investors included New Enterprise Associates (NEA), e.ventures, ru-Net, Deutsche Telekom Strategic Investments (DTSI), Silicon Valley Bank, and Columbia Lake Partners.
CupoNation was started by Gerhard Trautmann, Adrian Renner and Andreas Fruth to offer discounts & deals across retailers around the globe. The company is headquartered in Germany and also has operations in India. It launched its first platform in India in 2012.
Currently, it operates more than 40 platforms in over 20 countries and has partnered with around 25,000 online stores and brands, offering more than 5,00,000 bargains for users.
The company plans to use the newly raised capital to support its strong growth track. It also intends to keep up its global expansion with the launch of new platforms in new markets and support the growth in existing locations.
Andreas Fruth, managing director and co-founder of CupoNation, said, “Bringing CupoNation to users everywhere around the globe is a big motivation for us. This new round of fundraising will help us to grow our business further and strengthening our position as one of the biggest operators of digital platforms for discounts outside the US.”
The company competes with various homegrown players like CouponDunia, Mydala, LafaLafa, and others. Cashback & coupons site, CashKaro.com, raised an undisclosed amount of funding from Ratan Tata, last month. Another online coupon aggregator, CouponRaja.in, raised funding from Mahesh Pratapneni, Pallab Chatterjee and a couple of unnamed investors in June.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.