Groupon India

About Groupon India

Groupon's entry into the Indian market and its subsequent evolution into Nearbuy is a notable chapter in the country's e-commerce history. The journey began in January 2011 when the Chicago-based deals giant Groupon acquired a local Indian entity, SoSasta, to establish its presence. The company was initially rebranded as Crazeal and later, in November 2012, officially became Groupon India.

The initial leadership under SoSasta's founders, Ananya and Udayan Bubna, was short-lived, with their departure in August 2011. Ankur Warikoo, who was among the first hired to launch the India operations, then stepped in to lead the company. Warikoo, an alumnus of the Indian School of Business with a background in management consulting, was instrumental in steering the company through the competitive Indian deals market. Under his leadership, Groupon India focused on high-redemption, full-price deals in categories like wellness, travel, and dining, distinguishing itself from competitors who often used a token price model.

A significant turning point occurred in August 2015. In a strategic move, Groupon Inc. relinquished its majority stake, facilitating a management buyout led by Ankur Warikoo and backed by a substantial investment from Sequoia Capital. This transition led to the rebranding of Groupon India to Nearbuy, an independent, hyperlocal online-to-offline (O2O) marketplace. The founding team of Nearbuy included Ankur Warikoo, Ravi Shankar, Snehesh Mitra, Sumeet Kapur, Sachin Kapur, and Ankur Sarawagi. The new entity aimed to connect customers with local merchants for services and deals across a wide array of categories, from restaurants and spas to retail stores.

Nearbuy operated as an O2O platform, generating revenue by taking a commission on the deals sold through its website and app. The platform provided merchants with a digital storefront for marketing and customer acquisition. In December 2017, in a distress deal, payments giant Paytm acquired both Nearbuy and its competitor, Little App, merging the two entities. This acquisition provided Nearbuy with access to Paytm's large user base and capital but marked another shift in its ownership structure. Ankur Warikoo stepped down as CEO in 2019, with co-founders Ravi Shankar and Snehesh Mitra taking over leadership roles.