Nearbuy


Nearbuy.com is a hyper-local eCommerce company based out of India. As a business, it allows customers to discover, buy and save on merchants nearest to them.
Nearbuy.com operates in all categories of stepping-out for the customer, and functions like an online travel guide.
Incorporated in May 2010 as Groupon India Private Limited, the company operated as a 100% subsidiary of Groupon Inc until August 2015, when it went through a management buyout and in the process changed its name to nearbuy.com, after successfully raising US$17Mn funding from Sequoia India, an arm of a Menlo Park, California-based Venture Capital firm, Sequoia Capital.

History

Starting

After the rebranding of Nearbuy in August 2015, Groupon became a minority stakeholder in nearbuy.com. The new entity has one member each on its board from Sequoia India and Groupon.

Funding from Paytm

In December 2017, Nearbuy merged with Little App, while raising fresh capital from Paytm. As part of the deal, the two businesses of Nearbuy and Little App would merge under the leadership of Co-founder & CEO, Ankur Warikoo, while Paytm will acquire majority ownership of the businesses. Sequoia India and Groupon still continue to be shareholders of the merged entity.

Business

Business model

Nearbuy does not charge anything from merchants for listing their services on the platform. Once they list the services, consumers pay Nearbuy for the services of the merchants. After receiving full payment from a customer, Nearbuy keeps its commission and transfers the balance amount to the merchant after the product or service is availed.
The commission is 15–16% at an average, and it ranges from 2% to 25% based on the merchant popularity and categories.

Areas served

As of May 2018, Nearbuy operated in the following cities in India:
AgraDelhiJaipurChennai
AhmedabadNoidaJodhpurNagpur
AmritsarFaridabadKanpurPondicherry
AurangabadGoaKochiPune
BangaloreGurgaonKolkataShimla
ChandigarhGuwahatiLucknowSurat
ChennaiHyderabadLudhianaUdaipur
CoimbatoreIndoreMeerutVadodara
DehradunMumbaiVisakhapatnam-

Awards and recognition

Recognitions – 2014