Fitness service provider KFit Group acquires Groupon Malaysia

Fitness service KFit Group has announced its acquisition of Groupon Malaysia, which follows its acquisition of Groupon’s Indonesia business in August 2016 and the rapid growth of its new online to offline (O2O) Fave platform to further position the company as the region’s O2O leader. Financial terms of the deal are undisclosed.

Groupon Malaysia maintains a substantial market presence in Malaysia, while KFit Group’s platforms connect its customer base with local businesses in key market centres across Southeast Asia.

The acquisition of Groupon Malaysia is complementary to Fave, a mobile-first marketplace for businesses to maintain a mobile commerce front; Groupon Malaysia will transition to Fave in early 2017 and expand Fave’s offerings to cover restaurants, beauty, wellness, gyms, studios, hotels, holidays, leisure, entertainment and professional services

To date, KFit has raised $15.25 million across three rounds, with its most recent funding rounding being a $12 million Series A round in February 2016 led by Venturra Capital.

Speaking on the matter, Michel Piestun, president of APAC for Groupon, said in an official statement: “We are excited to have KFit Group steer Groupon Malaysia to even greater heights. With Joel’s experience in leading Groupon Asia Pacific in the past, we are confident that KFit Group will be able to grow the business. As a strategic partner in KFit Group, we look forward to seeing the company take big strides in the coming months.”

Commenting on this acquisition, Joel Neoh, Founder of KFit Group., said, “The local insights of Groupon Malaysia’s team and KFit Group’s technology expertise will make a winning combination. With our Indonesian business achieving nearly 2x growth since our acquisition, we are confident that the same growth principles will bring an exciting new local commerce offering to Malaysia.”

“Millions of local businesses are booming in China thanks to the adoption of O2O services, with hundreds of millions of consumers embracing these platforms as part of their day to day lives. The convenience and value benefits of these platforms are key drivers of this new norm. This future is inevitable for Southeast Asia and we hope to be at the forefront of this exciting shift,” adds Neoh.

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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).

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  • 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.