Two co-founders may exit Nearbuy

BENGALURU: Two co-founders of Gurgaon-based Nearbuy, Sachin Kapur and Ankur Sarawagi, are on their way out of the company amid tough conditions faced by players in the daily deals market, people familiar with the matter told TOI.

Last year, Nasdaq-listed Groupon's India unit broke away from its parent and rechristened itself as Nearbuy , but the business hasn't taken off because of low demand and traction among consumers.

Both Kapur and Sarawagi are likely to move to a consulting role for the time being and would exit from the Sequ oia Capital-backed venture in a phased manner. Nearbuy , formerly Groupon India, has six co-founders including Ankur Warikoo who is the CEO of the company . "We are still discussing their (Kapur and Sarawagi) potential move to a consulting role," Warikoo told TOI.

He insisted none of the founders is leaving, while refusing to elaborate on the reasons behind the development.

Kapur, who is also the chief marketing officer of Nearbuy , said, "Yes, I am taking a break. I have some personal projects. Post the re-branding to Nearbuy, we have pivoted (changed business model) to being a largely local commerce player."