Group buying portal, Deals And You has raised $17 million (approx Rs 84 crore) in a funding round led by Mayfield Fund and Norwest Venture Partners, with participation from Nokia Growth Partners and Intel Capital reports Business Standard. The report also cites close sources to add that the company has divested 18% to 20% of its stake in the deal. It also mentions that Deals And You has been valued at $85 million (approx Rs 422 crore).
The company intends to use the funding to invest in areas of technology, for infrastructure development, hiring and branding, according to Gaurav Kachru, co-founder and CEO of Deals and You.
Dealsandyou.com was the rebranded version of Wanamo.com, which was acquired by Group Deals Global AG, the holding company formed by Smile Interactive Group founder Harish Bahl, along with Klaus Hommels and Oliver Jung. Last year, there were reports that the company was raising fresh funding from multiple global investors, and that co-founder Guneet Singh was exiting, selling his stake. They had also indicated that Deals and You was valued at Rs 40 crore. Harish Bahl had rubbished the reports and had informed MediaNama that although Guneet Singh had left, his stake was bough back by Smile Interactive.
Focus on travel? : The report also adds that the company is revamping its website to improve the over all user experience. It appears that the site is focusing more on travel deals at the moment. Looking at the number of deals sites that have mushroomed in the recent past, offering almost the same kind of deals, it would be a sensible move to focus on a niche segment. But it would be interesting to see it competing with OTAs like Via, Yatra and MakeMyTrip who have also launched deals in the recent past.
Other players in deal space include SnapDeal, Indiatimes Active Deals, Taggle, BuyThePrice, MyDala, and Groupon owned SoSasta now rebranded as Crazeal.