Tiger Global Management LLC, the $8 billion hedge fund run by Chase Coleman and Feroz Dewan, acquired a 9.9 percent stake in daily deal site Groupon Inc. as it bets on technology companies attempting turnarounds.

Groupon recently began identifying itself as a payments company with the introduction of a mobile card reader it offers to its merchant customers.

Tiger Global bought 65 million shares in Groupon, a stake valued at $201.8 million based on Nov.l 19's closing price of $3.11, according to a filing with the U.S. Securities and Exchange Commission.

The investment is a sign of confidence that Groupon, which has declined 84 percent since its November 2011 initial public offering, can find new channels of growth as demand for online coupons fades. Tiger Global also has stakes in struggling Internet portal Yahoo! Inc. and Facebook Inc., operator of the world’s largest social network.

Groupon plunged to a record low of $2.63 this month after reporting third-quarter revenue that missed estimates. It sold shares at $20 apiece in its IPO, valuing the company at about $12.7 billion.

Groupon backers divesting stakes include Battery Ventures, which sold all of its 15.99 million shares earlier this year, and Andreessen Horowitz, which sold its 5.1 million shares in June.

Eric Lefkofsky, the chairman and largest shareholder in Groupon, transferred 18.7 million of his company’s shares to early investors, consultants and advisers in August.

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