Building the future of online-to-offline (O2O) commerce in Southeast Asia, KFit Group on Monday announced its acquisition of Groupon Malaysia.
This follows KFit Group's acquisition of Groupon's Indonesia business in August and the rapid growth of its new Fave platform to further position the company as the region's O2O leader.
A media release said Fave is KFit Group's multi-category local commerce platform. This acquisition will see Groupon Malaysia transition to Fave in early 2017.
According to the statement, Groupon Malaysia is an established market leader serving millions of customers and thousands of local businesses while KFit Group's platforms connect millions of customers with thousands of local businesses in key market centres across the Southeast Asia.
This acquisition will see Groupon Malaysia expanding Fave's offerings to cover restaurants, beauty, wellness, gyms, studios, hotels, holidays, leisure, entertainment and professional services.
Fave aims to be a marketplace where businesses can offer competitive pricing, flexible offer structures, loyalty solutions and more, with the added benefit of proprietary business tools that will help offline businesses succeed in mobile commerce.
Its mobile-first approach provides a seamless experience for customers to find, share and enjoy a wide variety of special offers from local businesses at discounts ranging from 10% to 70%.
Fave is available in Kuala Lumpur, Jakarta and Singapore, listing over 3,200 businesses across these cities. Fave is one of the top free lifestyle apps on the App Store and Google Play Store.
"The local insights of Groupon Malaysia's team and KFit Group's technology expertise will make a winning combination. With our Indonesian business achieving nearly 2x growth since our acquisition, we are confident that the same growth principles will bring an exciting new local commerce offering to Malaysia," said Joel Neoh, Founder of KFit Group.
He said, "Millions of local businesses are booming in China thanks to the adoption of O2O services, with hundreds of millions of consumers embracing these platforms as part of their day to day lives. The convenience and value benefits of these platforms are key drivers of this new norm. This future is inevitable for Southeast Asia and we hope to be at the forefront of this exciting shift."