Times Internet acquires majority stake in CouponDunia
CouponDunia will continue to operate under CEO Sameer Parwani. Times Internet’s existing deals site TimesDeal will merge with CouponDuniaBy Twishy Shahi 28 May, 2014
Times Internet, a part of The Times of India Group, has acquired a majority stake in India-based CouponDunia Media, which owns and operates CouponDunia, a digital coupon marketplace connecting consumers with retailers and brands. The financial details of the deal were not disclosed.
CouponDunia will retain its brand identity and will continue to operate under the leadership of CEO Sameer Parwani, who will work closely with Times Internet and other Times of India Group companies. Times Internet’s existing deals site TimesDeal will merge with CouponDunia.
On the acquisition, Satyan Gajwani, CEO of Times Internet said, “This investment continues The Times Group’s strategy of strengthening its position in digital media. Sameer has built a great business from scratch. We are as passionate as he is about offering the best value choices to consumers. We are excited at the prospect of leveraging Times’ resources, including TimesDeal’s existing local deals presence, to build an even more compelling value proposition for consumers with CouponDunia.”
With this partnership, CouponDunia may emerge as the leading destination for online and offline deals across India. The combined service’s websites, mobile applications, e-mail newsletters and alerts and social media presence will enable consumers to search for, discover, and source the best offers from leading retailers and brands.
Founded in December 2010, CouponDunia claims to receive two million visits a month, serves coupons from more than 1500 online brands, and has more than one million subscribers. It also operates CupomWorld in Brazil, KuponDunya in Turkey, KodyBony in Poland and CouponDunia Indonesia.
Sameer Parwani, Founder and CEO, CouponDunia India said, “In a short span of under four years, CouponDunia has emerged as the leading Indian destination for digital coupons. We receive over two million visits a month and are driving INR 500 crore (US$85 million) of purchases annually from over 1500 online retailers and brands. We’re thrilled to join Times. With their support, CouponDunia will be better placed to offer even greater value to the consumer.”