Catch of the Day on track for $AU250m
New group buying sites on way
Investors may be turning off the group buying craze in the US – courtesy of Groupon - but in Australia the verve for online discounts continues to ka-ching.
James Packer backed, CatchOfTheDay, the operator of Scoopon.com.au and online supermarket Groceryrun.com.au, has hit its fifth year of operation on track to deliver revenues for full year 2011/12 of $AU250 million.
The e-commerce group is still attracting new members, with approximately 4,000 customers signing up each day. Collectively the group has more than 1.5 million members, with an item being purchased every 3 seconds 24 hours a day, 7 days a week.
Founder Hezi Leibovich also debuted on the BRW young rich list this year in 22nd place with an overall valuation of $AU80 million of the companies he founded with brother Gabby in 2006.
In June, Packer and Tiger Global Management infused the company with an $AU80 million, prompting a group valuation of $AU200 million.
“Investments have been geared towards improving service delivery and ensuring we have in place the people, infrastructure and technology platform to support our next phase of growth,” said Leibovich
In September, the group launched groceryrun.com.au and in its first 5 weeks of operation, delivered average revenue around $AU1.5 million per week for, with an average 20,000 orders being placed per week.
Leibovich announced that it will be exploring new verticles including Brandstreet.com.au, which will offer branded fashion apparel and footwear. ®