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BenefitsPlus acquires majority stake in daily deal site Koovs.com for $2mn

BenefitsPlus Media, a New Delhi-based e-commerce firm has acquired
daily deal platform Koovs.com for $2 million. According to TechCircle, the deal
was closed in May 2011 and BenefitsPlus now holds the majority stake in Koovs
while the rest is owned by the promoters.

BenefitsPlus Media, a New Delhi-based e-commerce firm has acquired
daily deal platform Koovs.com for $2 million. According to TechCircle, the deal
was closed in May 2011 and BenefitsPlus now holds the majority stake in Koovs
while the rest is owned by the promoters.

The funds will be used to scale up operations and reach for
Koovs which currently employs 35 people and expects this number to reach 100 by
the third quarter of the fiscal. Geographical expansion is also on the cards as
Koovs plans to reach out to 40 more cities by next financial year. Koovs was
founded in 2009 in Bangalore.

BenefitsPlus had recently acquired Snowball
eRetail Services to strengthen its online retail presence. BenefitsPlus offers
services to over 100 major corporates allowing the organisations’ employees to
use the BenefitsPlus Privilege Program to access special or exclusive
discounts, offers and promotions on everyday shopping and services from local
and national retailers.

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