Nearbuy eyes Rs 240 cr in gross billing this fiscal

Deals company nearbuy aims to garner Rs 240 crore in gross billing through its platform this fiscal as local businesses go online to drive growth.
Formerly called Groupon India, nearbuy has partnerships with over 50,000 merchant partners across 35 cities and offers curated offers to customers across various categories like products, wellness and travel.
"In the three months since launch (re-brand), the company's topline has seen a 500 per cent growth. Nearbuy is now focusing on many firsts in the industry including creating a real time market place for local commerce in the country," nearbuy CEO and co-founder Ankur Warikoo told PTI.

This fiscal, the company would cross Rs 240 crore in gross billings (total amount a customer pays on the website) and for the next year, the aim is for at least a 5X growth to touch Rs 1,000 crore, he added.
Customers pay a certain portion of the deal to nearbuy and the remaining to the merchant.
"The web and mobile platforms have seen more than a 1,200 per cent growth in traffic. Conversion has been in steady double digits and 60 per cent of all registered users have already transacted on the platform buying over a million vouchers in the last three months," Warikoo said.

Mobile contribution has zoomed to more than 40 per cent of all transactions, he added.

He cited the example of its recent 'December to Remember' campaign that saw daily sales touching Rs 2.8 crore.
"More than 1.4 lakh individuals used nearbuy on December 31 across 9,000 unique merchants across 23 cities in the country," he said.
The company has also roped in former Flipkart executive Akshay Rajwade as its Senior Vice-President (Product). Before Flipkart, he spent five years at Google's Mountain View Campus and holds a Master's Degree from Stanford.