A US-based company in the group buying space has filed a term sheet agreement

RELATED ARTICLES Tapi pipeline perfect example of energy diversification: US India to move WTO this week against US visa fee hike Dr Reddy's launches lansoprazole capsules in US market Nasscom concerned over US visa probe on Indian firms Rajat Gupta to face US jury in insider trading case

to acquire Kolkata-based SoSasta.com, from the stable of Friday Media (P) Ltd, a digital media firm floated by two former Google techies. The move by the US company aims at tapping India’s emerging online coupon market, which is projected to touch $1.6 billion by 2020. The market currently stands at $123 million.

Ananya Bubna, CEO of Friday Media, while confirming the development, declined to divulge the name of the US company. “We haven’t taken any call on this. Let’s go through their proposal in detail and see if we should let them acquire us or we should accommodate them as a strategic investor,” said Bubna.

Friday Media is in talks with angel investors and VC funds including India Angel Network and Vertex of Singapore to raise $11.2 million to meet the capex requirement for its Asian expansion. The company offers best-buying deals in fast food to luxury dining, family activities to holidays, wellness to beauty treatment.