Snapdeal plans IPO to raise US $ 350-400 million
6th September 2021, Mumbai:
E-commerce retailer Snapdeal plans to launch an initial public offering to raise $350-400 million. Backed by investors like SoftBank, the e-commerce company plans to expand its operations in Tier II, III and IV markets of India.
Snapdeal has roped in JM Financial, Axis Bank, and Bank of America as the bankers to run the mandate. The company joins other start-ups that have recently launched IPOs. Around 12 companies have known to launch IPOs worth Rs 27,000 crore in the last few months.
Founded in 2010, Snapdeal has repositioned itself as a player in the value e-commerce segment. In 2017, co-founders Kunal Bahl and Rohit Bansal introduced a plan called Snapdeal 2.0 after talks of a merger with Flipkart fell through. In the six-month period between January-July, Snapdeal saw a 483 per cent jump in the sale of kids’ apparel. Most of this growth was led in large part by purchases made in the Rs 400-600 range for combo pack offerings, followed by the second best-selling range of Rs 200-400 for individual items.
As part of its efforts to deepen the availability of value merchandise online, Snapdeal has in the last year added more than 5,000 manufacturer-sellers on its platform. Most of these manufacturer-sellers are from hubs like Meerut, Ludhiana, Tiruppur, Jaipur, Panipat, Surat, and Rajkot and cover popular products like juicers and food processors, steel and copper utensils, crockery, bed linen, fashion accessories, kids’ wear, sarees and suits, casual apparel, and fitness equipment.
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