Hyderabad-based Zaggle Prepaid
Ocean Services Pvt. Ltd, which operates digital payments and cashback company
Zaggle, has bought online coupons firm Pennyful in a cash and stock deal. The
acquisition will help Zaggle offer benefits to consumers and corporate
employees, and develop technology products and solutions.
Zaggle is moving towards an
omni-channel marketing platform following the acquisition of Pennyful. Zaggle,
over a period of five years, has built a huge repertoire of
business-to-business clients. The focus is on the
business-to-business-to-consumer market of over 25 million [customers], and we
want to create more and more value for this set of consumers.
Bengaluru-based Pennyful Online
Pvt. Ltd was founded in 2011 in the US. The firm entered the Indian market in
November 2012. The cashback and coupons company has 1,000 brands and claims to
have customers from more than 800 cities. Zaggle was founded in 2011 and
currently has six offices across India with over 1,000 corporate clients and
over 1,500 merchants on board.
Other players in the deals segment
include Nearbuy, mydala, CouponDunia and CashKaro, among others. Last month,
online deals startup Couponhaat raised pre-Series A investment from
Austria-based angel investor Axel Wawrina. In November 2016, rewards app Kloseby, which helps users earn rewards when
visiting stores, raised $100,000 (around Rs 68 lakh) in seed investment.
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