Brands
Groupon India raises funds from Sequoia, rebrands as Nearbuy
MUMBAI: In a drive to consolidate its position as a leading local commerce player in the country, Groupon India has raised funding from Sequoia India. Additionally, the company has also been rebranded as Nearbuy.
Post the funding, Nearbuy is looking to expand its reach to 35+ cities across 18+ categories and function as an independent entrepreneurial entity, while still continuing to have Groupon as the large shareholder.
Nearbuy India will continue to operate under the company’s CEO and founder Ankur Warikoo’s leadership. Groupon’s Shared Service Centers in Chennai and Bangalore will remain under the sole control and operation of Groupon.
Over the past three years, Groupon India has delivered on an aggressive growth strategy, scaling up presence across the country, growing the customer base and partnering with quality merchants. Since its initial days, the company has gone on to command over 50 per cent market share in the Indian coupon industry. In 2014, the company sold over seven million vouchers with a redemption rate of 97 per cent amongst its customers. More than 100,000 merchant locations were featured in the year, with a merchant retention rate of 70 per cent+. Mobile has been a key driver accounting for over 40 per cent of Groupon India’s business, up from less than 10 per cent a year ago.
With the increasing penetration of mobiles and explosive growth in mobile internet usage, Nearbuy aims to lead the confluence of local commerce across existing segments such as F&B, Travel, Wellness as well as new local services such as home and auto services, online food ordering, movies and in-store shopping.
“We’ve had the opportunity to service some of the biggest and most-loved brands across categories as Groupon – and now as Nearbuy we plan to expand that portfolio. The unique location based services will allow merchants to target consumers that are closer to their establishments and will offer unprecedented value to address critical business requirements. We are glad to have received the support of Sequoia India as a strategic partner, who are bringing on board the value, knowledge and expertise they possess, along with the resources required to make our vision a reality. The local commerce market in India is growing at a never-seen-before pace, and mobile penetration is facilitating that. Add to that Groupon’s Global support and we become a truly local player with global expertise and technology,” said Warikoo.
“The potential of the Indian market is huge — our decision to bring in Sequoia is expected to provide the additional resources our India business needs to grow and become a true local commerce leader,” said Groupon CEO Eric Lefkofsky.
“Under the continued leadership of Ankur Warikoo, Nearbuy is well positioned to lead the dynamic Indian local commerce market. As a continued shareholder in the business, Groupon looks forward to seeing Nearbuy achieve its vision to become the leading local commerce company in India,” added Lefkofsky.
Sequoia Capital India Advisors managing director Mohit Bhatnagar opined, “Tens of thousands of service and retail establishments across India have a new friend in Nearbuy. This mobile first platform will cause more consumers to walk into their stores, spas, hotels, movie halls and help them sell more products and services. The unique Nearbuy platform is all about hyper local discovery, discounts and frictionless payments. This we believe is an untapped billion dollar market opportunity. Nearbuy is best poised to exploit this opportunity, given the strong foundation Ankur and team have built with Groupon India.”
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
