Local coupon and deals platform Groupon has raised money from Sequoia Capital in its Indian business Groupon India to Sequoia, reports ET Tech. Following the fundraise, Sequoia Capital now has a majority voting interest in the entity. Interestingly, according to its SEC filing, Groupon will not receive any cash with respect to this transaction, rather it expects a $13m to $17m gain based on the ‘remeasurement of its retained investment in Groupon India to a fair value’. However, this estimate could change based on the final valuation of the Groupon India. Groupon will continue to remain a significant shareholder in the company. Note that in March this year, Sequoia Capital invested $20 million in Groupon India. The company had said then that it was planning to raise another round of funding this year and one next year, possibly aimed at separating itself from the US-based Groupon and becoming more autonomous. Reportedly, only a few senior staffers knew about this deal, not the rest of the employees or public at large. According to the ET report, post acquisition, Groupon India will be renamed to Nearbuy, and will continue to operate with Ankur Warikoo at its helm. As of now, Groupon and Nearbuy are operating as separate websites, with both platforms offering deals and Nearbuy sporting a ‘By Groupon’ tag. However, in all likelihood, Groupon’s India website will soon start redirecting to Nearbuy. Other than the rebranding, the platform will also focus on its mobile apps to connect buyers with nearby deals, although it not clear if…
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