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Groupon, a marketplace for unbeatable deals has announced that Sequoia India has invested in Groupon India in a new funding round. The company has left the amount of funding undisclosed. However, according to sources close to the development, the amount is somewhere around $16 Mn (INR 100 Cr.)
With this round, Groupon will no longer be majority stakeholder, but will be a significant shareholder in Groupon India.
Despite restructuring, Groupon will still be operating under leadership of Ankur Warikoo chief executive, also the Chennai and Bangalore shared service centers will remain under the sole control and operation of Groupon.
With the round of funding the company has announced that it is now rebranding to Nearbuy.
On this development, Eric Lefkofsky CEO Groupon said, “The potential of the Indian market is huge – our decision to bring in Sequoia is expected to provide the additional resources our India business needs to grow and become a true local commerce leader. We look forward to watch the business growth and evolve as a continued shareholder in the company.”
Founded in 2008 by Eric Lefkofsky, Andrew Mason and Brad Keywell, Groupon offers consumers a vast marketplace of unbeatable deals all over the world. It is known as an online ecommerce platform that provides users with the ability to purchase anything. Groupon India was formed as a result of the acquisition of Indian-born SoSasta in February 2011.
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