Mumbai, Aug 10: Daily deals and local commerce company Groupon India is being rebranded and will now be called 'nearbuy', in which US-based parent firm Groupon won't hold majority stake.
Sequoia Capital, a venture capital firm specialised in start-up investments, is helping Groupon India split from its Chicago-headquartered parent firm Groupon.
The company will expand its reach to over 35 cities across 18 categories and will function as an "independent entrepreneurial entity" while still continuing to have Groupon as a large shareholder, it said in a release.
Over the past three years, Groupon India has scaled up presence across the country. In 2014, it sold over 7 million vouchers with redemption rate of 97 per cent among its customers, it said.
Over one lakh merchant locations were featured in the year with a merchant retention rate of over 70 per cent.
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.
Ankur Warikoo, chief executive of Groupon India, will now hold the position of chief executive and founder of 'nearbuy'.
"The local commerce market in India is growing at a never-seen-before pace, and mobile penetration is facilitating that," said Warikoo.
The 'nearbuy' leadership team will have six co-founders: Ankur Warikoo, Sumeet Kapur as the chief financial officer, Snehesh Mitra as the chief technology officer, Sachin Kapur as the chief marketing officer, Ankur Sarawagi as the chief executive of travel and products, and Ravi Shankar as chief executive of local commerce.