A Gurgaon based startup backed by Samwer brothers’ Rocket Internet GmbH, a company known as the “Copycats” of the Internet for their ability to replicate successful Internet models in different geographies very quickly, has launched a coupon website in India.
In a statement, the startup CupoNation said that “the venture is backed by international investors,” and that it is part of a larger “international conglomerate,” without the mention of Rocket Internet. However, Pi has confirmed that the company is part of the German Rocket Internet group.
The startup, according to the statement, was co-founded by 28 year old Chirag Rakshit, a BITS- ISB graduate and Sahil Shah, 24, a Chemical Engineering graduate from the IIT.
The website also plugs its group companies like Jabong.com on its homepage. Jabong is an Indian online fashion and Apparel store funded by Samwer brothers.
Besides the online fashion retailer, the group also runs Printvenue, another Guraon based company, 21 Diamonds a Do-it-Yourself online Jewellery store, Foodpanda.in, Fabfurnish.com, HeaveandHome.com and a clutch of other companies in India.
We have written about this before on Pi, asking what the big deal is about if Rocket Internet is in India. The company is having a ball in India with its sites like Jabong beating homegrown e-commerce players in traffic (and orders).
Rocket Internet has come under fierce criticism from bloggers and many Silicon Valley based writers for their cloning habits. However, this does not seem to have any effect on the bullish bets it places in countries like India, slated to become the third largest Internet market in the world this year.
Recommended Read: Of Rocketing Growth And The Real Slim Shady of India Internet Space