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2015-03-13

Deals and vouchers portal Groupon India raises $20 million from Sequoia

Groupon has signed an agreement with Sequoia to raise more money in two subsequent rounds-one in December this year and next by March 2016.

Deals & vouchers site Groupon India has raised $20 million from venture capital firm Sequoia Capital which, will be utilised for its Indian arm Groupon.co.in.

Launched in April 2011, Groupon, formerly Crazeal, features one daily deal on the best things to do, see, eat, and buy across India. Groupon aims at getting rid of the clutter and monotony that the classifieds section of newspaper brings. The website is operated by Friday Media Private Limited.       

As per various media reports, Groupon has signed an agreement with Sequoia to raise more money in two subsequent rounds-one in December this year and next by March 2016.

Founded by Andrew Mason in 2008, Groupon created a niche as a group buying site. It entered a crowded market in India through the acquisition of SoSasta, which was rebranded as Crazeal (at that time the firm was in litigation with another owner of the Groupon India domain) and then rebranded again as Groupon, all within a couple of years.

"We have hired advisers to help us explore a range of financing and strategic alternatives for Ticket Monster and certain other Asian markets. As part of that process, multiple parties have expressed preliminary interest in Ticket Monster. However, we cannot provide any assurance as to the pricing, timetable or structure of any transaction or the likelihood of any transaction being completed," Groupon said in its last earnings report.

Last year, Groupon acquired LivingSocial Korea, a holding company of ecommerce company Ticket Monster for $260 million.

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