wordpress blog stats
Connect with us

Hi, what are you looking for?

BenefitsPlus Acquires Daily Deals Site Koovs; To Foray Into B2C Deals


BenefitsPlus, a white labelled Business to Enterprise (B2E) e-commerce provider, has acquired a majority share in daily deals website Koovs.com. Although, the company has not disclosed the amount involved in the transaction, according to VCCircle it is said to be above $2 million. Through the acquisition, the company intends to foray into the B2C e-commerce space. BenefitsPlus Founder & CEO, Paul Shoker informs that BenefitsPLUS will invest $3 million on marketing, technology scaling and on new hires, and aims to become a significant player in the daily deals space.

Koovs’ promoters will continue to have a minority share in the company and its current management team will remain part of the company’s operations. Koovs was founded by Manish Tewari, Rajesh Kamra and Amit Shukla in December 2009. The site offers daily discount deals on apparel, electronics, gadgets, accessories, in addition to spa and restaurant discounts. While online deals are available all over India, deals with local merchants are limited to Bangalore, Delhi NCR and Mumbai. With the investment, Koovs intends to offer deals on a pan-India basis.

This is the company’s second acquisition in the e-commerce space. It had recently acquired another B2E e-commerce company, Snowball eRetail Services, for an undisclosed sum, in an all-cash deal. According to a report, the deal included Snowball’s customer base, technology and 1000 merchant relationships, in addition to its technology engine for profiling end users, to offer customized deals.

BenefitsPlus provides solutions for on-line recognition and rewards programs to corporates, banks and mobile operators including ICICI Bank, SRF, BT, Pizza Hut, Sony Music and Reebok, reaching over 20 million users through them. It offers an internet and mobile enabled platform, catalogue sourcing and management with over 5000 products and services from various brands across 10 categories, payment gateway for redemptions, fulfillment, MIS reporting and customer service solutions.

Although, it appears that BenefitsPlus already has infrastructure in place to offer a B2C e-commerce product, and its experience in the B2E domain as an added advantage, it will be tough to differentiate itself in the already crowded daily deals market.

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ