By SI Team

Bangalore based Internet company Taggle has received $8.75 million funding commitment from Battery Ventures and Greylock Partners. Taggle plans to use the funding, which is based on milestones, on areas like technology, marketing to drive traffic and a scale-up of its services.

The company, which launched its online group buying platform, taggle.com, claims to offer a win-win situation for both consumers and merchants. Taggle leverages the internet (social and mobile networks) to create a community of shoppers who come together to give merchants volume business in return for bulk discount. Taggle partners with varied businesses ranging from wellness to beauty, travel, adventure sports, fast food and fine-dining.

Arvin Babu of Greylock Partners and Ramneek Gupta of Battery Ventures are also joining the board of Taggle. The start-up has also added Venkat Panchapakesan, former CEO at Yahoo! India R&D, on its board. “We spent over four months in research on customer requirements and pain points along with understanding the market dynamics before we launched our product,” says John Kuruvilla, founder and CEO of Taggle.

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