Groupon Has International Ambitions

submitted on February 16, 2011 by midget in "Stores / Merchants"

http://www.businessweek.com/ne.....nsion.html

Groupon Inc., owner of the largest website for daily deals, is ramping up hiring of managers who can help spearhead expansion abroad, according to two people involved in the planning.

Groupon sends daily deals to 50 million subscribers. A year ago, it had 2 million users and its only market was the U.S. It offers discounts of as much as 90 percent at businesses such as restaurants, nail salons and clothing stores. It then keeps a portion of the revenue.

Financing Growth

Last month, Groupon completed a $950 million round of financing, a deal that valued the company at $4.75 billion, people with knowledge of the matter said. Groupon said it would use the funds to expand the business and buy back equity from existing shareholders.