Daily deals portal DealsAndYou has raised a funding of $17 million (Rs 84 crore) from a group of investors, including Mayfield Fund and Norwest Venture Partners. Other investors included Nokia Growth Partners and Intel Capital. The company, which started its operations August 2010, has been valued at $85 million.
Deals and You is an online group buying site that features daily deals on the best things to do, see, eat, and buy in leading cities. It had earlier received a funding of $1.5 million from Group Buying Global AG. However, this was the first venture capital (VC) funding the company has received after its start.
Though the global economy is going through a rough patch, e-commerce sites in India are witnessing increased interest from VC firms.
VC firm Helion Advisors invested an undisclosed amount in hoopos.com, a one-stop shop for mother care, baby and kids’ products. According to experts, with a growing number of internet users in India, the e-commerce space is likely to see more momentum.
Last month, Valyoo Technologies that runs eyewear e-commerce site Lenskart.com, raised $4 million (Rs 19.5 crore) in its first round of funding from IDG Ventures India. The company also runs e-commerce sites Watchkart.com and Bagskart.com.
India has the third-largest internet user base in the world, behind China and the US, according to a recent study by the Internet & Mobile Association of India.
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