Nearbuy

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Nearbuy.com

Type of business	Private Limited Company
Type of site	Online Services Marketplace
Headquarters	Gurgaon, Haryana, India
Area served	India
Founder(s)	Snehesh Mitra Ravi Shankar
CEO	Ravi Shankar
Industry
Employees	300+
Parent	Paytm
URL	www.nearbuy.com
Launched	August 2015
Current status	Inactive

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[]

After the rebranding of Nearbuy in August 2015, Groupon became a minority stakeholder in nearbuy.com. The new entity (Nearbuy) has one member each on its board from Sequoia India and Groupon (aside from Ankur Warikoo representing the Nearbuy founders).^{[citation needed]}

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.^{[citation needed]}

Areas served[]

As of May 2018, Nearbuy operated in the following cities (33) in India:^[5]

Awards and recognition[]

Recognitions – 2014[]

• Asia Pacific Entrepreneurship Award – Most Promising Category

References[]