E-commerce site Deals and You raised funding of $17 million (Rs 84 crore) from a group of investors. Group comprised of Mayfield Fund and Norwest Venture Partners along with others. Deals and You, has started its operations around 14 months ago. The company raised the amount at $85 million valuation, indicating the consistent success of e-commerce players in raising funds.
The other investors included Nokia Growth Partners and Intel Capital. Though the exact amount of stake the company divested to these investors could not be confirmed, however some of the sources close to the development said it could be 18-20 per cent.
Expressing his thought after securing investment, Gaurav Kachru, co-founder and chief executive of Deals and You, said the company was planning to become a more aggressive player in the e-commerce space with the funding. “We will invest the amount in four strategic areas — technology, infrastructure, talent and branding,” Kachru said. Deals and You is already in the process of revamping its website and the user interface.
Meanwhile amidst the downplay of global economy, Deals and You, an Indian group buying site that features daily deals on the best things to do, see, eat, and buy in leading cities. It had earlier received a funding of $1.5 million from Group Buying Global AG. However, this was the first venture capital (VC) funding the company has received after its inception.