SINGAPORE--(Marketwired - Mar 8, 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 include 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.
About Fave Group
Fave Group (formerly KFit Group) is the fastest growing O2O company in Southeast Asia. Started in April 2015 as a fitness sharing platform, Fave Group has expanded to include various other verticals such as Food & Restaurants, Beauty & Wellness, Lifestyle & Activities and more.
Platforms under the Fave Group (Fave, Groupon Indonesia and KFit) have connected millions of customers to thousands of offline businesses in key Southeast Asian market centres. With a strong base in Jakarta and Kuala Lumpur, Fave Group aims to build the future of mobile commerce in Southeast Asia.
To experience Fave, visit www.myfave.com or download the Fave app from the App Store or Google Play Store. To experience KFit, visit www.kfit.com or download the KFit app from the App Store or Google Play Store.
Groupon (NASDAQ: GRPN) is building the daily habit in local commerce, offering a vast mobile and online marketplace where people discover and save on amazing things to do, see, eat and buy. By enabling real-time commerce across local businesses, travel destinations, consumer products and live events, shoppers can find the best a city has to offer.
Groupon is redefining how small businesses attract and retain customers by providing them with customizable and scalable marketing tools and services to profitably grow their businesses.
To download Groupon's top-rated mobile apps, visit www.groupon.com/mobile. To search for great deals or subscribe to Groupon emails, visit www.groupon.com. To learn more about the company's merchant solutions and how to work with Groupon, visit www.groupon.com/merchant.