Deals & vouchers site Groupon Inc has raised $20 million from venture capital firm Sequoia Capital for its Indian arm Groupon.co.in.
Groupon India is also said to have signed agreement with Sequoia to raise more money in two subsequent rounds- one in December this year and next by March 2016.
Groupon is a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Groupon was launched in November 2008, and the first market for Groupon was Chicago, followed soon thereafter by Boston, New York City, and Toronto. It entered a crowded market in India through the acquisition of SoSasta, which was rebranded as Crazeal and then rebranded again as Groupon, all within a couple of years.
Groupon has admitted that it is looking at options for its Asia business, not just Ticket Monster.
“The company announced… that it is exploring a range of financing and strategic alternatives for its Asian businesses, including Ticket Monster. As part of that process, multiple parties have expressed preliminary interest in Ticket Monster, although it is too early to comment on structure, pricing or the likelihood of a transaction, as the process is still underway,” the company noted in its last earnings report.
Groupon had acquired LivingSocial Korea, Inc in January 2014 , holding company of Ticket Monster Inc, for total consideration of $259.4 million. Ticket Monster, which has approximately 1,000 employees, is an e-commerce company based in South Korea that connects merchants to consumers by offering goods and services at a discount.