[Groupon]BII This story was delivered to BI Intelligence "E-Commerce Briefing" subscribers. To learn more and subscribe, please click here. Groupon has sold the Indonesia division of its daily-deals business for an undisclosed amount, reports TechCrunch. The division was sold to Malaysia-based startup KFit, which sells gym and fitness membership packages (similar to ClassPass). Groupon had over 1 million subscribers and over 15,000 partnering merchants in Indonesia that will be going to KFit. According to KFit, Groupon Indonesia will become a subsidiary and will undergo no changes to operations. This latest sale is just the latest in a string of closures in multiple Groupon markets. In September, the company shut down operations in seven international markets including Morocco, Panama, the Philippines, Puerto Rico, Taiwan, Thailand, and Uruguay. The company also ceased operations in Turkey and Greece, and sold off a controlling stake in Groupon India to venture capital firm Sequoia. Groupon has struggled to maintain growth after a rapid saturation — and shake-up — of the daily-deals market. The site rapidly grew in popularity by offering discounts on local services and products, but has since struggled to keep that business model alive. The sell-off could be a sign that Groupon is refocusing its efforts to find the growth it once had by cutting back on the number of markets it operates in. _Every subscriber to the BI Intelligence "E-Commerce Briefing" received this story first thing in the morning, along with other insightful and informative content. To learn more and subscribe, please click here._
 |
| READ THE ORIGINAL POST AT www.businessinsider.com |
