Nearbuy
 | |
| Type of business | Private Limited Company |
|---|---|
Type of site | Online Services Marketplace |
| Headquarters | Gurgaon, Haryana, India |
| Area served | India |
| Founder(s) | Ankur Warikoo Snehesh Mitra Ravi Shankar |
| CEO | Ravi Shankar |
| Industry | Hyperlocal eCommerce |
| Employees | 300+ |
| Parent | Paytm |
| Website | www |
| Launched | August 2015 |
| Current status | Inactive |
Nearbuy.com is a hyper-local eCommerce company based out of India. As a business, it allows customers to discover, buy and save on merchants nearest to them.
Incorporated in May 2010 as Groupon India Private Limited, the company operated as a 100% subsidiary of Groupon Inc until August 2015, when it went through a management buyout and in the process changed its name to nearbuy.com,[1] after successfully raising US$17Mn (about INR100 crores) funding from Sequoia India,[2] an arm of a Menlo Park, California-based Venture Capital firm, Sequoia Capital.[3]
History[edit]
After the rebranding of Nearbuy in August 2015, Groupon became a minority stakeholder in nearbuy.com. The new entity (Nearbuy) has one member each on its board from Sequoia India and Groupon (aside from Ankur Warikoo representing the Nearbuy founders).[citation needed]
Funding from Paytm[edit]
In December 2017, Nearbuy merged with Little App, while raising fresh capital from Paytm.[4] As part of the deal, the two businesses of Nearbuy and Little App (nearbuy.com's competitor in the space, ranked number 2) would merge under the leadership of Co-founder & CEO, Ankur Warikoo, while Paytm will acquire majority ownership of the businesses. Sequoia India and Groupon still continue to be shareholders of the merged entity.[citation needed]
Areas served[edit]
As of May 2018, Nearbuy operated in the following cities (33) in India:[5]
Awards and recognition[edit]
Recognitions – 2014[edit]
- Asia Pacific Entrepreneurship Award – Most Promising Category
References[edit]
- ↑ "Company Overview of Nearbuy India". bloomberg.com/. Bloomberg. n.d. Retrieved 26 May 2016. Unknown parameter
|url-status=ignored (help) - ↑ Elahi, Amina (10 August 2015). "Groupon gives up control of India business unit". Chicago Tribune. Retrieved 26 May 2016.
- ↑ "Ankur Warikoo Step Down". Paytm-owned Nearbuy's CEO.
- ↑ Bansal, Varsha (7 December 2017). "Nearbuy and Little Internet merge, Paytm gets majority stake". The Economic Times. Retrieved 21 May 2018.
- ↑ "www.nearbuy.com". nearbuy. nearbuy. n.d. Retrieved 27 May 2016. Unknown parameter
|url-status=ignored (help)
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