Renren to Double Investment in Nuomi
Tencent Tech, 6/23/11
Joe Chen, CEO of Beijing-based social networking site operator Renren (NYSE: RENN), announced today that the company plans to double investment in the development of its group buy site Nuomi.com. According to Renren's Q1 2011 earnings report, operating expenses for Nuomi reached USD 4.6 mln in the first quarter, with Nuomi generating USD 900,000 in revenues. Chen said that Renren has reinvested all its profits from the past year into Nuomi. Renren expects Nuomi to account for a significant portion of total revenues in five years, and that half of Renren's active users will become Nuomi users.
Nuomi also announced that it will enter the Taiwan market.
Nuomi plans to launch merchant homepages featuring basic merchant information, current and past deals, coupons, and user feedback. Users will be able to follow a particular merchant to receive updates and special offers, as well as communicate with merchants in real-time.
Nuomi has released three mobile applications for Android, iOS, and Java devices.
Keywords: overseas Joe Chen Internet investment active users Renren Taiwan Nuomi RENN e-commerce group buying SNS revenue mobile application
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