Company:Nearbuy
Nearbuy.com is a hyper-local eCommerce company based out of India. As a business, it allows customers to discover, buy and save on merchants nearest to them.
Incorporated in May 2010 as Groupon India Private Limited, the company operated as a 100% subsidiary of Groupon Inc until August 2015, when it went through a management buyout and in the process changed its name to nearbuy.com,[1] after successfully raising US$17Mn (about INR100 crores) funding from Sequoia India,[2] an arm of a Menlo Park, California-based Venture Capital firm, Sequoia Capital.[3]
History
Funding from Paytm
In December 2017, Nearbuy merged with Little App, while raising fresh capital from Paytm.[4] As part of the deal, the two businesses of Nearbuy and Little App (nearbuy.com's competitor in the space, ranked number 2) would merge under the leadership of Co-founder & CEO, Ankur Warikoo, while Paytm will acquire majority ownership of the businesses. Sequoia India and Groupon still continue to be shareholders of the merged entity.
Areas served
As of May 2018, Nearbuy operated in the following cities (33) in India:[5]
| Agra | Delhi | Jaipur | Chennai |
| Ahmedabad | Noida | Jodhpur | Nagpur |
| Amritsar | Faridabad | Kanpur | Pondicherry |
| Aurangabad | Goa | Kochi | Pune |
| Bangalore | Gurgaon | Kolkata | Shimla |
| Chandigarh | Guwahati | Lucknow | Surat |
| Chennai | Hyderabad | Ludhiana | Udaipur |
| Coimbatore | Indore | Meerut | Vadodara |
| Dehradun | Mumbai | Visakhapatnam |
Awards and recognition
Recognitions – 2014
- Asia Pacific Entrepreneurship Award – Most Promising Category
References
- ↑ "Company Overview of Nearbuy India". Bloomberg. n.d.. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=118100757. Retrieved 26 May 2016.
- ↑ Elahi, Amina (10 August 2015). "Groupon gives up control of India business unit". Chicago Tribune. http://www.chicagotribune.com/bluesky/originals/ct-groupon-india-sequoia-0810-bsi-story.html. Retrieved 26 May 2016.
- ↑ "Ankur Warikoo Step Down". Paytm-owned Nearbuy's CEO. https://www.livemint.com/Companies/KTsJ4Szt1ORbpRVMDHMCwL/Paytm-acquires-Nearbuy-and-Little-to-merge-both.html.
- ↑ Bansal, Varsha (7 December 2017). "Nearbuy and Little Internet merge, Paytm gets majority stake". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/nearbuy-and-little-internet-merge-paytm-gets-majority-stake/articleshow/61956544.cms.
- ↑ "www.nearbuy.com". nearbuy. n.d.. http://www.nearbuy.com/. Retrieved 27 May 2016.
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