Business Model<\/a>, till now you might have understood the basics of Nearbuy business. Now, we will move on to discuss it in detail and precisely answer the question- \u201cHow does Nearbuy work?\u201d. Along with this, you will also get the answer to – \u201cHow does Nearbuy make money?\u201d.<\/p>\nBusinesses need customers and people want to explore new places around them. Nearbuy acts as a mediator for the two. It gives discounts to people for visiting places through the platform, and you just need to search for the location on the website\/ app and simply go to visit the place in person.<\/p>\n
Just think, if one wants to spend on a product or service, and someone offers him\/her 50% off then why wouldn\u2019t people go for that option which offers them huge discounts?<\/p>\n
This is where Nearbuy plays an important role. It fulfilled this particular need of the people looking for products and services nearby. The company has built a successful business around this need. The Nearbuy business model is the real-life example of the fact that: \u201cOnce a business fulfills a human need vs want, there is no way the business is going to fail.\u201d<\/em><\/strong><\/p>\n<\/span>How does Nearbuy make money?<\/span><\/h2>\nAll the services on the platform are free, neither the customers are charged anything for providing discounts nor the retailers are charged anything to get listed on the platform. Then how does Nearbuy makes money to keep going when everything on the platform is free of cost. To answer this, let\u2019s look at Nearbuy\u2019s revenue model.<\/p>\n
<\/span>Nearbuy revenue model<\/span><\/h3>\nAs a discount-providing e-commerce platform, Nearbuy strikes bargaining prices with the companies that register themselves on the platform to provide the best prices to its customers. These prices cut down to as low as 50% off the retail price. So, with such cheap prices, the retailers get orders in huge volumes through Nearbuy.<\/p>\n
To avail of the offers present on the platform, the customer has to make the purchase from Nearbuy\u2019s platform and then show the code to the vendor to avail the product\/service. When the product\/service is availed by the user, Nearbuy transfers the money to the vendor after deducting a commission of around 2 to 25%. Until the product\/service is availed by the user, Nearbuy maintains the money as free float and earns interest on it.<\/p>\n
<\/span>Who are Nearbuy\u2019s investors?<\/span><\/h3>\nAccording to Crunchbase, Nearbuy has raised total funding of $37.2 million in over 3 financial rounds. The company is funded by 2 investors in total. The two leading investors of Nearbuy are Sequoia Capital India and Black soil. Their latest funding was raised on 3 April 2017 from a Venture-Series Unknown round. At present, the company has been acquired by Paytm.<\/p>\n
<\/span>Conclusion<\/span><\/h4>\nNearbuy is a complete package for offline businesses to find their customers and make sales online by listing their services\/ products on the platform. In return for huge volume sales, they just have to pay commission to the company for each sale.<\/p>\n
That\u2019s all about the Nearbuy business model. We hope that all your queries regarding the Nearbuy company have been solved including, how Nearbuy works, how Nearbuy makes money, and more. If you are willing to launch a discount-providing e-commerce platform similar to Nearbuy, Ncrypted Technologies has the right solutions developed by our capable and innovative workforce. We offer customized and innovative features as per your requirement to let you launch a successful discount-providing e-commerce platform.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearbuy.com, one of India\u2019s favorite lifestyle apps\/websites, is a local e-commerce company based out of India. It allows shoppers (or customers) to discover, buy, and save on merchants near to them. One of India\u2019s leading players, Nearbuy, was founded in 2015 by Ankur Warikoo. However, In 2019, Ankur Warikoo resigned from Nearbuy and handed over […]<\/p>\n","protected":false},"author":535,"featured_media":6339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[496],"tags":[],"class_list":{"0":"post-6338","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-models"},"_links":{"self":[{"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/posts\/6338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/comments?post=6338"}],"version-history":[{"count":0,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/posts\/6338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/media\/6339"}],"wp:attachment":[{"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/media?parent=6338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/categories?post=6338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncrypted.net\/blog\/wp-json\/wp\/v2\/tags?post=6338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"How](\"https:\/\/www.ncrypted.net\/blog\/wp-content\/uploads\/2021\/12\/how-does-nearbuy-work-blog-img.jpg\")
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