Groupon now in China

Feb. 28, 2011 at 12:33 PM
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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 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.

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