Groupon India rebranded as 'Nearbuy'

Sequoia India backs early leader in $50 billion local commerce market. Nearbuy will continue to have Groupon as a large shareholder

Delhi | August 11, 2015

In its drive to consolidate its position as a leading local commerce player in the country, Groupon India has raised funding from Sequoia India. Rebranded as 'nearbuy', the company will expand its reach to 35+ cities across 18+ categories and will now function as an independent entrepreneurial entity, while still continuing to have Groupon as a large shareholder.

Over the past three years, Groupon India has delivered on an aggressive growth strategy, scaling up presence across the country, growing the customer base and partnering with quality merchants. Mobile has been a key driver, accounting for over 40 per cent of Groupon India's business, up from less than 10 per cent a year ago.

With the increasing penetration of mobiles and explosive growth in mobile internet usage, Nearbuy aims to lead the confluence of local commerce across existing segments such as F&B, Travel, Wellness as well as new local services such as home and auto services, online food ordering, movies and in-store shopping.

“We've had the opportunity to service some of the biggest and most-loved brands across categories as Groupon – and now as Nearbuy, we plan to expand that portfolio. The unique location-based services will allow merchants to target consumers that are closer to their establishments and will offer unprecedented value to address critical business requirements. We are glad to have received the support of Sequoia India as a strategic partner, who are bringing on board the value, knowledge and expertise they possess, along with the resources required to make our vision a reality. The local commerce market in India is growing at a never-seen-before pace, and mobile penetration is facilitating that. Add to that Groupon's global support and we become a truly local player with global expertise and technology,” said Ankur Warikoo, CEO & Founder, Nearbuy.

“Under the continued leadership of Ankur Warikoo, Nearbuy is well positioned to lead the dynamic Indian local commerce market,” said Eric Lefkofsky, CEO and Co-founder of Groupon. “As a continued shareholder in the business, Groupon looks forward to seeing Nearbuy achieve its vision to become the leading local commerce company in India.”

Commenting on the development, Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors, said, “Tens of thousands of service and retail establishments across India have a new friend in Nearbuy. This mobile first platform will cause more consumers to walk into their stores, spas, hotels, movie halls and help them sell more products and services. The unique Nearbuy platform is all about hyper local discovery, discounts and frictionless payments.”

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). They will take charge of delivering the ultimate Nearbuy experience to consumers, ensuring quality deals at the convenience of a click.

Media contact:

Edelman India

Priya Dhawan | priya.dhawan@edelman.com

Tripti Dahiya | tripti.dahiya@edelman.com

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