VC-backed Fave acquires Groupon Singapore, consolidates market position

Visual from company's social media page. November 2014

Southeast Asia’s online-to-offline (O2O) e-commerce market Fave on Wednesday announced its acquisition of Groupon Singapore, the city-state’s deals and discounts platform.

Financial terms of the deal are undisclosed.

According to data compiled by Crunchbase, Fave (Kfit) has raised up to $15.25 million in equity funding and counts firms like 500 Startups, Axiata, Segnel Ventures and Sequoia Capital among its financial backers.

The acquisition of the Groupon Singapore’s business follows similar acquisitions of Groupon Indonesia and Malaysia in 2016. Thus far, Groupon Malaysia has been fully integrated into Fave, while Groupon Indonesia is set to follow suit in the coming months. Groupon Singapore will see a similar integration into Fave by mid-2017. The transaction is expected to close later this week.

The Fave team, who also founded the region’s leading fitness sharing platform KFit, is aiming to innovate and drive O2O across multiple lifestyle categories in Southeast Asia.

Speaking on the acquisition, Ng Aik-Phong, Managing Director of Fave Singapore, said, “With one of the highest smartphone penetration in the world at 85% and a highly competitive market for offline businesses, Fave’s ability to connect digitally savvy consumers to offline businesses will play a key role in the company’s success in the region.”

Adopting a mobile-first approach coupled with a cashless transactional experience to consumers, it permits consumers to discover and access a wide variety of experiences from offline businesses such as restaurants, spas, hotels and theme parks; businesses who have partnered with Fave in Singapore includes Naughty Nuri’s, Pastamania, Shangri-La, Holiday Inn and others.

“Fave helps our business partners succeed in mobile commerce by providing proprietary business tools and access to a highly-engaged consumer audience where they can offer flexible promotions, loyalty programs and more, with the goal of helping our partners gain new customers and retain existing customers,” said Joel Neoh, Founder of Fave.

Neoh adds, “We are very excited about the opportunity to combine Groupon Singapore’s success with our technology, to further enhance convenience for consumers while creating more growth opportunities for local businesses. We’ve seen tremendous growth in the adoption of O2O platforms by local businesses across Southeast Asia over the past year, and the benefits our platform offers today is just the beginning of more to come.

Also Read:

Fitness service provider KFit Group acquires Groupon Malaysia

Groupon buys LivingSocial, deal site once valued at $6b

KFit buys out Groupon Indonesia to expand into SE Asia’s largest market

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.