Groupon promoters all set to launch a new E-Commerce business in India

To cater to the growing demands of ever increasing online customers, Rocket Internet, a key promoter behind Groupon International, will invest in a new e-commerce website next month. This website will promote retailing of a wide range of Fashion & Lifestyle products showcasing both Indian and International labels.

The new venture will be spearheaded by a founding team of three highly experienced and motivated entrepreneurs Lakshmi Potluri, Arun Chandra Mohan and Praveen Sinha, who come with extensive experience in investment banking, consulting and e-commerce industries. The company firmly believes that e-commerce is on an all-time high in India and soon India will be among the top 10 e-commerce hubs in the world.

Access to 120+ leading domestic and international brands, user friendly interface, ease of transaction with wide payment options including Cash on Delivery, free shipping to more than 550 key locations in India and access to end of season merchandise will be some of the key features of the website.

In its simplest form, e-commerce is the buying and selling of products and services by businesses and consumers over the Internet. Internet sales are increasing rapidly as consumers take advantage of lower prices and discounts offered by wholesalers retailing their products. This trend is set to strengthen as websites address consumer security and privacy concerns.

Speaking on the future of this venture, Arun Chandramohan, Founding Partner, said, "Our aspiration is to be the category leading e-commerce company in India. Having secured strong funding commitment, a top leadership team and a customer centric approach in how we operate, we are confident in our ability to reach market leadership position."

Rocket Internet is one of the key holding companies of Groupon, world's largest deals website. It has successfully built world-class category-defining internet and e-commerce companies around the globe. It currently operates its fashion e-commerce business across 14 countries under various names with leadership positions. Some of these leading setups are Zalando in Europe (www.zalando.co.uk), Dafiti in Brazil (www.dafiti.com.br) and Lamoda in Russia (www.lamoda.ru)