PHOTO - (from left) Deepak Natarajan and Erman Akinci shaking hands to mark the recent agreement between Dealmates and Intel Capital.
Intel's investment organisation Intel Capital will invest in Malaysian group-buying site Dealmates to help support the local firm's growth plans.
"The investment from Intel Capital reflects Dealmates' strong position in Malaysia's group-buying market," said Dealmates chief executive officer, Erman Akinci, during the agreement ceremony in September 2011. "Working with Intel Capital will help us build on our success to date and continue to grow Malaysia's e-commerce industry. Intel is a global technology leader and we hope to tap into this tremendous pool of expertise to help ensure an additional edge for Dealmates in the group-buying space."
Akinci said Dealmates started a joint venture between media investment firm Catcha Group and Internet marketing company Mindvalley Labs. "The company was set up to capitalise on Malaysia's fast growing group-buying space. Dealmates offers group-buying opportunities to customers by negotiating discounts from a variety of consumer and lifestyle companies. These deals generally require a minimum number of purchases to be activated, thus encouraging customers to share them with family and friends. Dealmates' group-buying site allows vendors to use e-commerce as a marketing channel to reach new potential customers for their business."
Dealmates (www.dealmates.com.my) has seen a steady increase in sales and registered users since launching its website earlier this year, he said. "Thanks largely to the quality group-buying deals that it offers. Dealmates reached the 100,000 user mark in May 2011, after three months in operation."
"E-commerce offers an important long-term growth opportunity for driving increased broadband and PC usage," said Intel Capital Asia Pacific managing director, Sudheer Kuppam. "This investment in Dealmates further demonstrates Intel Capital's commitment to foster innovation in Malaysia and promote technology as a key engine for economic growth."
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