The company is in discussions with tier 1 and 2 VCs to close a funding round shortly
Coupay, a social commerce site for people to find and list coupons, get cashback, discover new products, and earn money from social sharing, has launched its operations in India. The site enables users of social networks to earn money from their sharing and if a purchase is made, then both parties earn a cashback. Each new customer to Coupay for the month of June will receive a free INR 200 (US$3) credit to their Coupay account.
At the launch, Lucas McEntee, CEO and Founder, Coupay said, “India and the SEA region have always been part of Coupay’s business model. India was the next logical market for Coupay to enter because the growth and size is spectacular and we needed to be part of it. Our Co-founder Hemang Lashkary is a Gujarati native, and we have had staff in Rajkot for five months now. It was a simple decision to launch and we are very excited to offer Indian consumers the best possible deal, while getting paid to shop online by receiving cashback on every purchase.”
Coupay was launched in the US in December 2013. It rolled out its business in Southeast Asia in the same year.
Coupay has seen 1800+ members sign-up within 72 hours, mostly from referrals. The India team comprises five people based in Rajkot, and the number is expected to double in the next four to six months.
It has partnered with Flipkart, ShopClues, Jabong, Fashion and You, Homeshop 18, eBay and other Indian retailers to offer deals to the customers. “We should have a few hundred retailers on site by the end of June. Products are being uploaded to Coupay on a daily basis; we expect to offer our customers over a million items on site by this month’s end,” said McEntee. Revenue generation from referring retailers’ sales is how Coupay is monetising the customers in India.
There are various deal and coupon sites operating in India such as CouponDunia, CupoNation, Couponzguru, Mydala, CouponDekho etc that offer deals and discounts through coupons for online purchase.
Coupay is adopting the digital medium for marketing now. “We will start more offline advertising once our funding round is closed out. We are in discussions with tier 1 and 2 VCs and expect to close out the round shortly,” he announced.