Your browser is currently blocking notification.
Please follow this instruction to subscribe:
X
Notifications are already enabled.
X

Deal Discovery Platform Nearbuy Raises $2 Mn Venture Debt From BlackSoil Capital

Deal Discovery Platform Nearbuy Raises $2 Mn Venture Debt From BlackSoil Capital

Gurgaon-based deals and coupons website, Nearbuy (formerly Groupon India) has raised about $2 Mn (INR 15 Cr) venture debt from BlackSoil Capital Private limited.

This is the first debt transaction for Nearbuy after last August. The startup aims at utilising the capital for investing in customer and merchant technology.

Talking about the investment, Mohinder Pal Bansal, Director, Blacksoil said, “Venture Debt concept is growing rapidly in India and has a huge potential considering the evolving startups in India. BlackSoil Capital is looking forward to partner with startups with strong and sustainable business models like Nearbuy, who are enjoying attractive unit economics and customer traction.”

Founded in 2008 by Eric Lefkofsky, Andrew Mason and Brad Keywell, Nearbuy provides hyperlocal offers in segments like food & beverage, spa, salons, wellness and getaways.

Groupon India was formed as a result of the acquisition of Indian-born SoSasta in February 2011. In August 2015 it was rebranded to Nearbuy post the management buyout wherein Sequoia invested $17 Mn.

In the past 12 months, Nearbuy has expanded to 33 cities across 10+ categories and claims of generating over 500,000 footfalls for offline merchants per month.

BlackSoil Capital Pvt. Ltd is an RBI-registered Non Banking Financial Company (NBFC) that specialises in real estate and venture debt amongst other segments. The NBFC is promoted by Shashi Kiran Shetty (CMD of AllCargo logistics); Gnanesh Gala (Managing Director of Navneet Education Ltd); and renowned Mumbai-based realty expert Virendra Gala.

In August 2016, Mumbai-based NearFox, a local lifestyle content and discovery platform, raised an undisclosed amount from Globevestor Angel Fund and other angel investors. Other startups in this segment include Little, PocketIn, CouponDunia among others.

Author

Aparna Mishra

Inc42 Staff

After a 2-year-stint at Ernst & Young, Aparna moved to Journalism. Her prior experience enables her to understand business management. An avid reader and a traveller she hopes to gain insights on the startup ecosystem at Inc42.

Responses
https://inc42.com/buzz/chattisgarh-startup-policy/
Loading Next…

Upcoming Events