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Last Updated : Jul 13, 2018 05:38 PM IST | Source: Moneycontrol.com

E-commerce marketplace Groupon is looking for a buyer

IAC (InterActiveCorp) and Alibaba have been named as potential acquirer as IAC's CEO Joey Levin is on Groupon’s board while Alibaba had bought a 6 percent stake in the company in 2016.

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E-commerce marketplace Groupon has made it known to potential buyers that it is now open for a sale, according to a report by Recode.

Launched in 2008, the Chicago-based startup, reached top positions in rankings within a few years by introducing daily deals to its online customers.

Groupon had earlier declined a $6 billion acquisition offer from Google.

Currently, Groupon’s value is estimated to be around $2.4 billion, after a year’s decline in the daily deals section.

In 2016, LivingSocial was acquired by Groupon for $0.

According to the report, Groupon deviated its focus from the goods category to the core digital voucher business, aiming to boost its profit margin.

However, the company's revenue fell by 5.6 percent to $2.84 billion in 2017 — lowest since 2013, the report adds.

IAC (InterActiveCorp) and Alibaba have been named as potential acquirer according to the report as IAC's CEO Joey Levin is on Groupon’s board while Alibaba had bought a 6 percent stake in the company in 2016.
First Published on Jul 9, 2018 06:55 pm
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