CupoNation, the German-headquartered discount platform, has raised $11 million in Series B funding from a number of technology investors following a 670% increase in annual revenue throughout 2014.
Founded in India in 2012, CupoNation is one of parent company and investor Rocket Internet’s ‘Emerging Stars’, offering vouchers and coupons from leading online retailers across over 20 markets, including Austria, Sweden, Russia and Brazil.
The latest round of investment allows the platform to continue its international expansion and strengthen its position as a discounting site outside of the US, says MD and co-founder Andreas Fruth.
“Bringing CupoNation to users everywhere around the globe is a big motivation for us. We are more than happy to be able to contribute to the evolution of the online shopping world both for our advertising partners, but especially also to our millions of users worldwide,” adds Fruth.
The company is currently partnered with around 25,000 online stores and brands, including Amazon and Ebay, presently offering around 500,000 deals to its customers through its various sites.
Cuponation faces no small amount of competition within its home-market of India, not least CouponDunia.com - the country’s largest discount platform - which integrated an offline couponing system last June.
Cashback website Cashkaro also emerges as a heavyweight within the market, having late last year announced $3.78 million in Series A funding while tying up a deal with e-commerce giant Alibaba to offer up to 1.5% cashback for listed products.
It’s a very positive sign for CupoNation that Rocket Internet is willing to dip into the pot, with the German enterprise company recently scuttling what it referred to as its “non-core” and “not market-leading” companies.
Rocket Internet’s recent sell-offs follow doubts from its own shareholders over the company’s ability to turn profits within its portfolio.