GrabOn, a company that deals with online coupons, plans to more than double its gross merchandise value (GMV) to Rs 1,200 crore this fiscal from Rs 500 crore in 2014-15 "by venturing into the offline space and getting in more partnership to its existing online business."
Ashok Reddy, the founder-CEO of the start-up, said he plans to raise $10 million to $15 million in Series A to drive its expansion plans.
GrabOn was launched in May 2014, and saw a seed investment of $250,000 in November 2014 by Landmark IT Solutions, which owns the portal.
On Feb.16, the start-up announced its first office in Hyderabad, Telangana, to expand its operations in the state.
"GrabOn has evolved into a powerful portal that enables consumers to find the latest deals, coupons and offers available on the internet at any given point of time in the year. We are extremely confident and excited about our future... and well placed with a dynamic team & a conducive work place to achieve new vistas of growth (sic)," said Reddy in a statement.
The company currently has a strength of about 45 employees.
India has about 4,200 start-ups and ranks third globally in terms of the number of start-ups.
Prime Minister NArendra Modi gave a fresh impetus to the fast-growing sector by launching "Start-up India" last month and announcing a slew of initiatives, including a dedicated fund.