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Online group buying startup Taggle.com receives $8.75 million funding commitments

Bangalore-based Taggle Internet Ventures, which recently launched an online group buying platform Taggle.com, has received funding commitments of $8.75 million (Rs 40 crore) from Battery Ventures and Greylock Partners, reports VC Circle. The company plans to use the funding on technology, marketing and scaling up its services.

Bangalore-based Taggle Internet Ventures, which recently launched an online group buying platform Taggle.com, has received funding commitments of $8.75 million (Rs 40 crore) from Battery Ventures and Greylock Partners, reports VC Circle. The company plans to use the funding on technology, marketing and scaling up its services. Taggle currently offers its services in Bangalore and is looking at expanding its reach in all major cities in India.

According to Taggle, the company leverages the internet and more specifically, social and mobile networks, to create a community of shoppers who come together to give merchants volume business in return for bulk discount. This way, merchants running businesses such as wellness, beauty, cinema tickets, adventure sports, holiday packages, fast food and fine-dining are guaranteed a minimum number of customers who pay less as part of a mass-buying plan.

John Kuruvilla, founder and CEO, Taggle Internet Ventures, has said, “Our focus is to redefine and encourage online group buying in India. For the retailer its customer acquisition at the lowest cost and a tactical marketing channel that is performance based. The new website promises enhanced value by taking customers beyond the ordinary user experience into something exciting and revolutionary by leveraging the power of both the internet and the mobile.”

Arvin Babu, partner, Greylock Partners, the VC firm that has invested in companies like Facebook and LinkedIn, has said, “India is definitely one of the world’s fastest growing markets and we see great potential in the concept of group buying in India. The business proposition of Taggle is certainly promising and we are sure it will take the market by storm.”

Ramneek Gupta, partner, Battery Ventures, the VC firm that recently invested in US-based online group buying firm Groupon, has said, “We are very excited about the value proposition that Taggle represents for both the merchants and the consumers and are delighted to be able to collaborate with an extremely passionate team to bring the concept to fruition in India.”

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