Groupon India gets funding from Sequoia India, rebrands itself as 'Nearbuy'
US-based coupon and deals generating company Groupon has handed over its selling rights in India to Sequoia India and has rebranded it as ‘Nearbuy’. Groupon will continue to be a shareholder of the company.
According to media reports, Ankur Warikoo will remain CEO of Groupon India (now, Nearbuy). The portal will emphasize more on its mobile apps in order to connect buyers with deals around them. The rebranding has in store for the consumers services like home cleaning, auto repairs, laundry and pest control, while continuing to offer deals for stores, health and beauty and restaurants etc.
Sequoia India had finalised a deal with Groupon India, involving an investment of $20 million for its arm in the Asian country in March this year. Reportedly, Groupon India stocks stooped down as low as $7.63, but rebounded and closed at $7.86 after Sequoia invested in its Indian unit.
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