Media giant Times Group's Internet and digital venture Times Internet today acquired a majority stake in coupon code website CouponDunia for an undisclosed sum.
Times Internet, which operates news portals like TimesofIndia.Com and entertainment websites such as Gaana.Com, has picked up a majority stake in CouponDunia Media, which runs the digital coupon marketplace, CouponDunia, it said in a statement.
CouponDunia will continue under the same brand identity and operate under its current chief executive Sameer Parwani after the deal, it said, adding that Times Internet will merge its homegrown deals website TimesDeal will merge with the acquired company.
"This investment continues The Times Group's strategy of strengthening its position in digital media," Times Internet Chief Executive Satyan Gajwani said.
CouponDunia Chief Executive Sameer Parwani claimed that his company, founded in December 2010, receives over 2 million visits a month and is driving Rs 500 crore of purchases annually from over 1,500 online retailers and brands.
