Dealsandyou.com, a Smile Group Venture, recently 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. 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 focussed 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.”
Harish Bahl, Founder and 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 e-commerce 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”