Dealsandyou.com gets $17 mn funding

Daily deals site dealsandyou.com has secured funding of $17 million (about Rs 84 crore) from a group of investors, led by Mayfield Fund and Norwest Venture Partners.

"The raised capital will help us continue to build a strong customer-focused business, with greater investments in technology and infrastructure, which will help better serve our customers," dealsandyou.Com CEO Gaurav Kachru said in a statement.

Dealsandyou.com, run by Smile Group, was launched in August, 2010, and offers deals in 250 cities in categories like products, travel and retail.

"Dealsandyou.Com has continuously led innovation in the daily deals market and is India's fastest growing business in this segment," Mayfield Fund Managing Director Navin Chaddha said.

The other investors in the company include Nokia Growth Partners and Intel Capital.

Niren Shah, the Managing Director of Norwest Venture Partners India, said, "The online deals category is a large and rapidly growing model that has already proven to be highly attractive to merchants and consumers alike."

"As India trends to a more organised consumption market, we believe the merchant availability for online deal sites will only increase," he added.

The company previously raised $1.5 million (around 7.5 crore) from Group Buying Global AG, which has launched similar business models across four continents.