In the US, Groupon, which sends daily deals to consumers by email, has been trying to reinvent itself by turning into an e-commerce marketplace.
This year has been particularly tough for Groupon in the US as its share plunged about 40 per cent to $4.6, substantially reducing its market value. “We raised fresh capital and fresh equity infusion and by virtue of that Groupon’s ownership in the company has been reduced from 100 per cent to a minority ownership,” said Warikoo, who is the cofounder of Nearbuy along with five other promoters. The cofounders, Sequoia and Groupon will have one member each on the board and the entity will continue to be called Groupon India Pvt. The new entity has secured an investment of about Rs 100 crore from Sequoia. Under the new dispensation, Groupon will remain a minority stakeholder.
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