Dealsandyou.com Closes USD17 Million Funding Round
dealsandyou.com (a Smile Group Venture), one of India's largest daily deals sites, announced the closing of a US $17 Million round of funding, led by Mayfield Fund and Norwest Venture Partners (NVP). Nokia Growth Partners and Intel Capital also participated in this round.Tweet
-- dealsandyou.com (a Smile Group Venture), one of India's largest daily deals sites, announced the closing of a US $17 Million round of funding, led by Mayfield Fund and Norwest Venture Partners (NVP). Nokia Growth Partners and Intel Capital also participated in this round.
dealsandyou.com was launched in August 2010 and in just over a year, has now expanded to serve local deals in 12 cities and national deals (product, travel, retail) to more than 250 cities. The company previously raised US $1.5 Million in its first round of funding from Group Buying Global A.G., which has launched similar business models across four continents.
Gaurav Kachru, CEO, dealsandyou.com, said: "We are very happy and encouraged by the faith our investors have shown in us. The raised capital will help us continue to build a strong customer focused business with greater investments in technology and infrastructure, which will help better serve our customers."
Navin Chaddha, Managing Director, Mayfield Fund, said: "The upwardly mobile Indian consumer has embraced the Internet, and dealsandyou.com has the team, the scalable product and momentum with over 3M members to dominate both the local and national daily deals space. dealsandyou.com has continuously led innovation in the daily deals market and is India's fastest growing business in this segment."
dealsandyou.com was the first to introduce deals in travel and products, new payment methods like Cash on Delivery, EMI for products and holidays and product innovations like the integrated shop on facebook.com in the daily deals universe. dealsandyou.com is committed to continuously expanding the reach and affordability of products to the Indian consumer.
Harish Bahl, Founder & Chairman, Smile Group, said: "We at dealsandyou.com are pleased with the venture community's continued confidence in our team's ability. Each of our investors is a great addition to our syndicate, and their backgrounds and experience will benefit our company as we enter our next phase of growth."
Niren Shah, Managing Director, NVP India said: "Increased Internet penetration combined with a younger tech-savvy population with a higher propensity to consume is a tipping point for ecommerce in India. In particular, the online deals category is a large and rapidly growing model that has already proven to be highly attractive to merchants and consumers alike. As India trends to a more organized consumption market, we believe the merchant availability for online deal sites will only increase. With more than 10 new members joining every minute, and over 3 million members, dealsandyou.com is well positioned to rapidly grow to meet the needs of the value conscious consumer"
Notes to Editor
Launched in August 2010, dealsandyou.com has emerged as India's fastest growing daily deals business. Regarded as the most popular destination for smart shoppers across the country, it offers the hottest lifestyle deals in over 250 cities and the metros across the country. A venture promoted by the Smile Group (Harish Bahl), Gaurav Kachru & Tarun Sobhani, dealsandyou.com acquired online portal www.wanamo.com in June 2010 to enter the Indian marketplace & went live with the new brand in Aug 2010. Gaurav Kachru, a first time entrepreneur has previously led businesses for Fortune 100 companies like GE & Manpower Incorporated in India & Asia. Tarun Sobhani, also a first time entrepreneur has been a veteran in the internet industry & led sales for AOL in India in his last assignment.
About Group Buying Global A.G.
Group Buying Global AG, promoted by Dr Klaus Hommels & Oliver Jung owns and manages leading group buying portals across four continents. DrHommelshas been involved in successful internet investments like Skype, Spotify, Xing, Facebook and Stardoll while Oliver Jung is a successful investor with investments like Facebook, Xing, Brands4friends.de, and Nimbuzz.com.
About Smile Group
Smile Group is India's largest privately held group of ventures focused on the digital industry with extensive holdings in digital media, e-commerce & retail infrastructure.
Its founder & Chairman, Harish Bahl is a serial entrepreneur and has several successful ventures to his credit with large global players like WPP (Quasar), Yahoo! (Tyroo) and ScanGroup (sQuad). Harish diversified into the e-commerce in late 2009 with fashionandyou.com, India's leading private sales business, followed by his launches of dealsandyou.com in the daily deals space and bestylish.com in the shoe retail space. Smile Group other ventures include: FreeCultr.com, Blazar, Creons, healthpa.com, Quasar, Zoomtra and Creon Infrastructure.
About Mayfield Fund
Mayfield Fund currently has over $2.7 billion under management and invests globally in U.S., India and China. Mayfield Fund has been investing in relationships with entrepreneurs and institutions to transform bold ideas into industry-leading companies. Since its founding in 1969, Mayfield Fund has invested in more than 500 companies, resulting in over 100 IPOs and more than 100 mergers and acquisitions. Notable historical investments include 3PAR (acquired by Hewlett Packard), Compaq, Genentech, Redback Networks, Sandisk, Slide (acquired by Google), and TIBCO. Current investments in India include Bharat Matrimony, Centum Learning, Fourcee, Genesis Colors, Geodesic Techniques, Sohan Lal Commodity Management and Tejas Networks. For more information, please visit www.mayfield.com.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than USD 3.7 bn in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception.
Related NVP investments include such companies as AdChina, Admeld, Badgeville, BranchOut, Brand.net, The Dealmap (acquired by Google), Gilt Groupe, iProf, Komli Media, Lashou, ngmoco (acquired by DeNA), NSE (National Stock Exchange of India), Persistent Systems (NSE: PERSISTEN.NS), Playdom (acquired by The Walt Disney Company), Quikr, Quirky, Rackspace (NYSE:RAX), Ratnakar Bank, Sadbhav Infrastructure Project Ltd (SIPL), Shriram Union City Finance, SideStep (acquired by Kayak), Sulekha, Suvidhaa, TURN, WhaleShark Media (parent company of RetailMeNot) and Yatra.com. For more information, please visit www.nvp.com.
About Nokia Growth Partners
Nokia Growth Partners is the leading global growth stage venture firm focused on mobile technology, services and media. We invest in companies, firms, and people that are changing the face of mobility, communications, and the internet. Nokia Growth Partners works closely with the promising companies adding value through deep domain expertise and network in the mobility market combined with many years of venture investment and operating experience. Nokia Growth Partners has US$250M under management for direct investment in promising companies& also advise and manage US$100M for investments in other venture capital firms through Nokia's Fund of Funds Program.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 38 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit http://www.intelcapital.com.