Nearbuy CEO, Ankur Warikoo has announced that he will be stepping down from his role this November. However, he will continue to be with the company as a shareholder and board member.
Warikoo announced that Nearbuy cofounders, Ravi Shankar and Snehesh Mitra, will take over the management of the company as the CEO and COO, respectively. He wrote, “It’s been such a pleasure and honor leading the company for all these years. I am so proud of the team we have built, the culture we have established and the relationships we have formed in the ecosystem.”
However, Warikoo didn’t mention about his future plans as he wrote that he “does not know what I will be doing next. And that’s super exciting.”
An alumnus of ISB, Warikoo started his career as a consultant from NIS Sparta. With over 15 years of experience in the field of technology and startups, he started working as the Venture Partner for Rocket Internet, setting up their India office, before joining Groupon India, where he became CEO in 2015.
Since 2014, Warikoo has made angel investments as well. He invests in concept/idea stage internet and technology startups, with a ticket size to a maximum of 25,000 USD
Nearbuy, previously known as Groupon India, came into existence after Groupon acquired SoSasta in 2011 to enter the Indian market. Post the exit of the founders of SoSasta, Ankur Warikoo took over as the CEO of the company (called as Groupon India at the time). It was in August 2015 that Groupon India was rebranded to Nearbuy, following the management buyout wherein Sequoia invested 17 Mn USD
In December 2017, Paytm acquired Nearbuy and Little, and invested in the merged entity. Nearbuy is a hyperlocal online platform that enables customers and local merchants to discover and engage with each other. The company claims to be present in more than 35 cities, over 18 categories and have over 50,000 merchants across more than 100K unique locations.