KFIT Set To Be Region's Leader In O2O Commerce With Acquisiton Of Groupon Malaysia

KUALA LUMPUR, Nov 28 (Bernama) -- KFit Group announced the acquisition Monday of Groupon Malaysia and is now set to further consolidate its position as the region's online-to-offline commerce (O2O) leader. The Malaysian acquisition comes on the heels of KFit - a prominent how-grown startup - having acquired Groupon's Indonesian business in August, alongside the rapid growth of its new Fave platform. 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 can help offline businesses succeed in mobile commerce. The acquisition of Groupon Malaysia will see it transition to Fave in early 2017 and expand offerings to cover restaurants, beauty, wellness, gyms, studios, hotels, holidays, leisure, entertainment and professional services. Platforms under the KFit Group (Fave, Groupon Indonesia and KFit) have connected millions of customers to thousands of offline businesses in key Southeast Asian market centres. "The local insights of Groupon Malaysia’s team and KFit Group’s technology expertise will make a winning combination," KFit group Founder, Joel Neoh said in a statement Monday. 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 daily 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 the exciting shift," said Neoh. Fave is available in Kuala Lumpur, Jakarta and Singapore, listing over 3,200 businesses across these cities. -- BERNAMA