Last month, a social web company caused a big stir in the tech community when it reportedly rejected a $6 Billion offer by Google. This month, the same company is reportedly planning an IPO that may be valued as high as $15 Billion.
I give you the above info, and you probably think I am talking about LinkedIn, Twitter, Pandora or maybe even Zynga, but no, this mystery company is Groupon, a two-year old coupon distribution site that offers localized daily deals.
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Groupon is slightly different than a number of the highly-valued social sites (Facebook and Google being the most notable ones) because it does not rely on advertising to turn a profit. According to its Wikipedia page, Groupon generates its revenue stream by taking a cut of each of the deals it offers.
Groupon currently boasts a rapidly-growing user base of 50 million and operates in 35 cities. The site is relatively well-known in the tech community and in the markets they offer deals in.
With this expected cash-infusion and projected market expansion, Groupon is poised in 2011 to penetrate less technologically-aware rural communities and become more of a universally-recognized brand.