KFit Group buys Groupon Malaysia
KUALA LUMPUR: KFit Group announced on Monday the acquisition of Groupon Malaysia, paving the way for the group to further consolidate its position as the region’s online-to-offline commerce leader.
The latest acquisition by KFit – a prominent how-grown startup – follows its purchase of Groupon’s Indonesian business in August, alongside the rapid growth of its new Fave platform.
Fave aims to be a marketplace for businesses to offer competitive pricing, flexible offer structures, loyalty solutions and more, with the added benefit of proprietary business tools that can help offline businesses succeed in mobile commerce.
The acquisition of Groupon Malaysia will see it transition to Fave in early 2017 and expand offerings to cover restaurants, beauty, wellness, gyms, studios, hotels, holidays, leisure, entertainment and professional services.
Platforms under the KFit Group (Fave, Groupon Indonesia and KFit) have connected millions of customers to thousands of offline businesses in key South-East Asian market centres.
“The local insights of Groupon Malaysia’s team and KFit Group’s technology expertise will make a winning combination,” KFit group founder Joel Neoh said in a statement.
Millions of local businesses are booming in China, thanks to the adoption of online-to-offline services, with hundreds of millions of consumers embracing these platforms as part of their daily lives.
“The convenience and value benefits of these platforms are key drivers of this new norm. This future is inevitable for South-East Asia and we hope to be at the forefront of the exciting shift,” said Neoh.
Fave is available in Kuala Lumpur, Jakarta and Singapore, listing over 3,200 businesses across these cities. – Bernama