Business, Investments

Groupon is Picking $20M from Sequoia For Groupon India

Image Source: nbcchicago

Image Source: nbcchicago

Daily deal site, Groupon is picking up outside investment for Groupon India from Sequoia Capital with a $20 million stake. The deal has already been announced to some senior staff but  not made public otherwise.

As per a TechCrunch report, the firm’s plan is  to raise another two rounds of outside funding, one more in 2015 and one in 2016, in a long-term strategy that appears to be aimed at further separating itself from its parent company in the U.S, and growing more autonomous.

Chicago Heights , I.L-based Groupon was launched in 2011 by Emil Jersling, Eric Lefkofsky, Brad Keywell, and Andrew Mason. It is known as an online e-commerce platform that provides its users with the ability to purchase anything. Also, it offers discounted gift certificates usable at local or national companies. The firm delivers merchants with a collection of products and services, including customizable deal campaigns, credit card payment processing capabilities and point-of-sale solutions.

The company’s previous funding includes $16.2 million in February 2011; $950 million funding in series D round in January 2011; $135 million series C round in April 2010; $30 million series B round in December 2009; $4.8 million series A funding in January 2008 and $1 million angel funding in January 2007.

Groupon had acquired India’s SoSasta in January 2011 as a part of its international expansion strategy. In January this year, it  acquired New York based online retail site, Ideeli for an amount of USD 43 Million. Groupon’s other acquisitions include, hotel booking app Blink and Korea based eCommerce company, Ticket Monster. Also, it added up restaurant reservation along-with daily deals to its offerings, and launched gadgets microsite with Croma.

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