BEIJING, Feb. 28 (UPI) -- Online discount deal maker Groupon Inc. said it is now open for business in China, starting with services in Beijing and Shanghai.
To open in China, the fast-growing firm had to first find a partner and then a name for its Chinese business. It is operating as GaoPeng.com in partnership with Chinese Web business Tencent, Crain's Chicago Business reported Monday.
Groupon has already established itself throughout Asia, beginning with a daily deals Web site in Japan. It has also opened services in India, the Philippines, Taiwan, Singapore and Hong Kong.
Groupon, frequently mentioned as a company on the cusp of issuing an initial public offering this year, raised $16.2 million in venture capital in February, the firm said in a U.S. Securities and Exchange Commission filing. In the same filing, it said Starbucks Corp. Chairman and Chief Executive Officer Howard Schultz had been added to its board of directors.