Groupon India has rebranded to NearBuy and the new entity has raised Rs. 100 crores in funding from Sequoia (the funding was rumored 6 months back).
Post this restructuring, Groupon (US) will not control majority stake in the business (though will have minority shareholding).
Groupon India’s new avatar, NearBuy is a local commerce play that brings (Groupon styled) deals and location context together – i.e. discover deals on apps.
Groupon is currently struggling to find its ‘relevancy’ in the US market and recently sold its majority stake in its South Korean unit as well.