Following reports (check here and here), citing highly placed sources and insiders, suggesting that is raising a fresh round of funding, and that co-founder Guneet Singh’s stake is being bought by unnamed global investors,  we contacted Harish Bahl, Founder at Smile Interactive Technology Group (SITG) for a clarification. SITG had, in collaboration with Group Deals Global AG (GDG), bought earlier this year, and relaunched it as Bahl said that the reports on the fresh round of funding are factually incorrect, and he has no idea where the valuation figure of Rs. 40 crore has come from.

“We are well funded at the moment, and while we’re always open to conversations, we’re not looking for funding at this stage. GDG has just invested in the company,” he said. Post acquisition of Dealsandyou, they had brought in Guneet Singh and Tarun Sobhani as co-founders and directors. However, there has been some restructuring at the company, which currently operates in 4 cities, and has plans to expand to 7 cities by next month. Gaurav Kachru, previously EVP (New Businesses and Corporate Development) at SITG, who had overseen the setup of DealsAndYou alongwith Bahl, has taken on the role of CEO at Dealsandyou. Bahl confirmed that Guneet Singh has left the company, “for his own reasons”, and that SITG has bought back his stake. “It has not been bought by any foreign investor,” he added.