NearBuy

NearBuy operates as a hyperlocal e-commerce platform in India, connecting consumers with local merchants for deals and services. The company's journey began as SoSasta in 2009, which was then acquired by Groupon Inc. in 2011 to establish its Indian operations, rebranding to Groupon India in 2013. A significant milestone occurred in 2015 when the management team, led by Ankur Warikoo, along with Sequoia Capital, executed a buyout from Groupon, relaunching the independent entity as Nearbuy. The founding team included Ankur Warikoo, Sumeet Kapur, Ankur Sarawagi, Sachin Kapur, Ravi Shankar, and Snehesh Mitra. Warikoo, who served as CEO until 2019, has a background that includes an MBA from the Indian School of Business and prior entrepreneurial ventures, which shaped his approach to building consumer-focused businesses.

The firm functions as an online-to-offline (O2O) platform, enabling customers to discover and purchase discounted vouchers for a wide array of local services. These services span categories such as dining, spas, salons, movie tickets, and retail stores. Its business model is commission-based, where Nearbuy earns a percentage, ranging from 2% to 25%, of the transaction value for each customer purchase made through its platform. This structure provides local businesses with increased footfall and sales volume while offering consumers cost savings. The platform is accessible via its website and mobile applications.

In December 2017, Nearbuy was acquired by the digital payments giant Paytm in a distress sale that also included the merger of its competitor, Little App. This acquisition provided Nearbuy with access to Paytm's extensive user base and capital resources. Following the acquisition, the company continued to operate under the Nearbuy brand, with co-founders Ravi Shankar and Snehesh Mitra eventually taking over as CEO and COO, respectively, after Ankur Warikoo stepped down from his CEO role in November 2019 to remain as a board member and shareholder.

Keywords: hyperlocal e-commerce, local deals, online-to-offline, O2O marketplace, daily deals, discount vouchers, Indian startups, local commerce, merchant discovery, consumer savings, Ankur Warikoo, restaurant deals, spa discounts, salon offers, mobile commerce, Paytm acquisition, Sequoia Capital funding, Groupon India, local services platform, retail deals, customer savings