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Fave acquires Groupon Singapore for undisclosed sum
ONLINE-to-offline (O2O) e-commerce company Fave on Wednesday announced its acquisition of deals and discounts platform Groupon Singapore.
The acquisition will help to drive growth for Fave's local businesses across South-east Asia, the acquirer said. It did not disclose how much it paid.
The latest acquisition of 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," Fave said.
The Fave team is aiming to innovate and drive O2O across multiple lifestyle categories in South-east Asia, including through its fitness sharing platform called KFit.
O2O commerce is a business strategy that draws potential customers from online channels to physical stores.