Popular daily group discount platform Groupon is planning on raising a whopping $950 million in funding, a venture capitalist website has reported.
According to VCExperts, the company has filed an authorisation certificate for a fresh round of funding which could result in investments upto $950 million for the Chicago based company.
Groupon had earlier spurned a $6 billion acquisition offer made by search engine giant Google, which is still looking to expand in the lucrative daily deals market.
Groupon CEO Andrew Mason believed that an acquisition will drain the enthusiasm of the employees and harm client relations.
The website claims that the latest round of financing would value the company at $7.8 billion, more than what Google was ready to offer.
Experts believe that the company is planning to launch an initial public offering (IPO) in the next year and is working strategically towards growing its share of the $133 billion local advertisement market in the US.