closes $17 mn round of funding closes $17 mn round of funding

Author | exchange4media News Service | Tuesday, Nov 22,2011 7:52 AM

A- closes $17 mn round of funding (a Smile Group Venture), one of India’s largest daily deals sites, has announced the closing of a $17 million round of funding, led by Mayfield Fund and Norwest Venture Partners (NVP). Nokia Growth Partners and Intel Capital also participated in this round.

The website had previously raised $1.5 million in first round of funding from Group Buying Global A.G., which has launched similar business models across four continents.

Gaurav Kachru, CEO,, said, “We are very happy and encouraged by the faith our investors have shown in us. The raised capital will help us continue to build a strong customer focused business with greater investments in technology and infrastructure, which will help better serve our customers.”

Navin Chaddha, Managing Director, Mayfield Fund, added here, “The upwardly mobile Indian consumer has embraced the internet, and has the team, the scalable product and momentum with over 3M members to dominate both the local and national daily deals space. has continuously led innovation in the daily deals market and is India’s fastest growing business in this segment.” was launched in August 2010 and in just over a year has expanded to serve local deals in 12 cities and national deals (product, travel, retail) to more than 250 cities. It was the first to introduce deals in travel and products, new payment methods like Cash on Delivery, EMI for products and holidays and product innovations like the integrated shop on in the daily deals universe. is committed to continuously expanding the reach and affordability of products to the Indian consumer.

Harish Bahl, Founder & Chairman, Smile Group commented, “We at are pleased with the venture community’s continued confidence in our team’s ability. Each of our investors is a great addition to our syndicate, and their backgrounds and experience will benefit our company as we enter our next phase of growth.”

Niren Shah, Managing Director, NVP India added, “Increased Internet penetration combined with a younger tech-savvy population with a higher propensity to consume is a tipping point for ecommerce in India. In particular, the online deals category is a large and rapidly growing model that has already proven to be highly attractive to merchants and consumers alike. As India trends to be a more organized consumption market, we believe the merchant availability for online deal sites will only increase. With more than 10 new members joining every minute, and over 3 million members, is well positioned to rapidly grow to meet the needs of the value conscious consumer.”


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