Snapdeal plans IPO by March 2022
E-commerce platform Snapdeal plans to launch its initial public offering by March 2022 with the goal of raising between $200 million (Rs 1,331 crore) and $250 million at a $1.5 billion valuation.
Snapdeal, which is backed by Softbank and Alibaba, plans to file the preliminary documents necessary to initiate its IPO in spring, 2022, Outlook India reported. The business has already filed its draft red herring prospectus, sources told Bloomberg.
“While the founders are unlikely to sell their shares, the existing shareholders, both domestic and foreign, are not planning to sell much,” a source told the Times of India. However, Snapdeal did not reply to a questionnaire on the matter emailed by the TOI.
Kunal Bahl and Rohit Bansal launched Snapdeal as a multi-brand e-commerce platform and the business once competed at the top of India’s online market with names including Flipkart and Amazon India. The business has now pivoted to focus on the value segment of the market and shoppers in non-metro locations.
Snapdeal has reported that it currently retails over 60 million products on its online store with over 800 product categories. The business caters to over 6,000 Indian cities and is focusing on reaching shoppers in the more rural locations which are often overlooked by other large e-commerce players.
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