New Delhi: Snapdeal Ltd.
Indian E-commerce Startup supported by Softbank Group Corp, submitted initial documents for initial public offering, adding to the demonstration of technology companies that wanted to debut in the exchange of the country in the middle of the stock market rally that broke the record.
The new central Delhi-company company plans to increase 12.5 billion rupees ($ 165 million) through the sale of new shares, according to the design of the red Herring Prospectus, or DRHP, submitted with the Effects and Exchange of the Indian Council.
In addition, existing shareholders including Softbank plans to sell as many as 30.77 million secondary shares.
Snapdeal, founded in 2010, after rivaling Amazon.
And Walmart’s Flipkart in the developing Indian market, but lagging behind when its deep competitors invested heavily to take market share.
Revenue from 44% diving operations to only 4.7 billion rupees in the year ended March 2021, although the loss was narrowed more than half to 1.25 billion rupees.
Snapdeal has reshaped itself to distinguish from its larger competitors and focus on e-commerce driven by value.
Companies, other supporters include eBay Inc.
and Sequoia, recorded operating revenues of around 2.4 billion rupees in six months to September 30.
Snapdeal IPO, targeted at the beginning of next year, came after the Indian market debut record.
Pioneer Food Giving Zomato Ltd triggered a bow to market, followed by successful offering from people like FSN E-commerce Ventures Ltd., which operates the beauty business is NYKAA.
ONE97 Communications Ltd., which runs Digital Giant Paytm payments, attracts the largest IPO in the country’s history, with $ 2.4 billion, but the shares quickly fell.
On Tuesday, Mapmyindia, a digital mapping company working with Apple Inc.
and Amazon, jumped more than 50% on the first day of its trade.
Founded by Kunal Bahl and Childhood Friend Rohit Bansal, Snapdeal began as a website bid before developing in retail online.
In 2017, when the company struggled, Softbank Son Masayoshi, one of his biggest supporters, encouraged the founders to join Archrival Flipkart.
Bahl and Bansal finally decided not to continue the agreement, require them to focus on reducing the burns of their money.
Old startup, also supported by BlackRock Inc., Temasek Holdings Pte and eBay Inc., since then shifted its business model to focus on Bharat – Indonesian speaking, non-affluent, non-urban and non-tech Savvy Indian populations.
Amazon and Flipkart tend to serve Big-City buyers, selling large ticket items such as premium and electronic smartphones at high prices.
Snapdeal sell table mats, stomach trimmers, oil grooming beards and fleece blankets, all under $ 5.
More than nine tenths of 60 million items list are given a price below 1,000 rupees.
During the latest festival season, Snapdeal sales volume grew 254% in the fashion category, 101% in the kitchen category and 93% in the category of beauty, according to the company’s release in early November.
Axis Capital Ltd, Bofa Securities India Ltd, CLSA India Pvt and JM Financial Ltd.
is one of the book runners for IPOs.