Network of the Group Buying Bandwagon
Whether the recent news of acquisitions and IPOs is a sign of even better days to come for social buying or just a passing phase, there’s definitely a lot of newcomers hoping to catch the tail-end of this sector’s meteoric rise.
August 1, 2011 2:46 by p.deleon
Andrew Mason launched Groupon in November 2008 in Chicago. It serves more than 500 markets in 43 countries. This soon spread to the MENA region becoming Groupon (UAE) in March 2011. Last year, Groupon turned down a $6 billion (Dh22 billion) takeover offer from search giant Google and claimed it had 50 million subscribers at the start of the year. Deals range from restaurant meals to spa treatments and to gym memberships. Groupon said last month it hoped to raise up to $750 million in an IPO, which could value the firm at as much as $15-20 billion. It’s the first international group buying site to land on Middle Eastern soil, even though it was still late to the game.