Gurgaon based deals and coupon website Cuponation has raised a little over $11 million in a Series B round of funding from Rocket Internet, Holtzbrink Ventures, New Enterprise Associates (NEA), e.ventures, ru-Net, Deutsche Telekom Strategic Investments (DTSI), Silicon Valley Bank and Columbia Lake Partners.
The company plans to bring more deals and offers from all categories worldwide and build tools to access and discover these, it said in a press statement. It claims to have seen an increase of 670% in revenues in 2014, and plans to expand further, launch new platforms and grow in existing markets.
Cuponation operates 40 platforms in 20 countries, and offers 500,000 deals from 25,000 online stores and brands. It launched in India in 2012, backed by Rocket Internet, offering discount coupons, vouchers and deals across various product categories like electronics, books, apparels, flowers and gifts and services like insurance, restaurants and movies.
It states on its Indian website that all offers are picked by its editorial team and are correct at the time of publication. It currently offers discounts on sites like Amazon, Jabong, Shopclues, eBay, Snapdeal, Lenskart, Zivame, Paytm, Ola and BabyOye among others across various categories. The company states that following the India launch, it has launched in 5 other continents, the latest being Mexico on November last year.
Cuponation was founded by Gerhard Trautmann, Adrian Renner and Andreas Fruth in 2012 and is headquartered in Germany, with offices in Europe, India and Russia.
In the couponing space in India:
– Last month, coupons and cashback deal website Cashkaro raised an undisclosed amount in funding from Ratan Tata in his personal capacity. This funding comes 2 months after Cashkaro raised ~ $3.78 million (Rs 25 crore) in a Series A funding from Kalaari Capital.
– In November 2015, Mahindra Comviva, Tech Mahindra’s mobility solutions arm, launched an Android and iOS app called Zerch, which offered local deals and product discovery in Bangalore and Delhi-NCR.
– In June, Times Internet*-owned CouponDunia launched an in-store, hyperlocal couponing system where users would be able to buy items in offline stores using CouponDunia’s coupons in categories.
– In May 2015, the IRCTC partnered with coupon site Mydala to offer deals and offers across categories like food & beverages, beauty, health & wellness, tattoos & retail shopping to its customers.
– In May 2015, Cashkaro tied up with China’s Alibaba Wholesale to offer up to 1.50% cashback on products listed on the website.
Image Credit: Yoel Ben-Avraham under CC BY ND 2.0
Disclaimer: Times Internet is an advertiser with Medianama
