SINGAPORE – Media OutReach – 8 March, 2017 – Southeast Asia’s online-to-offline (O2O) e-commerce market leader Fave today announced its acquisition of Groupon Singapore, the city-state’s top deals and discounts platform. The acquisition is set to solidify the company’s efforts in helping consumers save, while driving growth for local businesses across SEA.
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.
“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,” said Ng Aik-Phong, Managing Director of Fave Singapore.
Fave’s mobile-first approach provides a seamless, cashless transactional experience to consumers who live online that are looking to discover and enjoy a wide variety of experiences from offline businesses. From restaurants to spas, hotels to theme parks; businesses who have partnered with Fave in Singapore includes Naughty Nuri’s, Pastamania, Shangri-La, Holiday Inn and many more.
“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.
“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,” said Neoh.
“Fave has already proven its ability to grow the O2O market in Indonesia and Malaysia, and we believe that the team will be able to capitalize on Groupon Singapore’s strengths and market-leading position to do the same in Singapore,” said Julie Szudarek, President of Groupon International.
Also published on Medium.