A number of firms in India have tapped the public market this year.
The New Delhi-based startup, which counts SoftBank among its backers, said in its draft prospectus that it will issue fresh shares worth $165 million. Some of its existing investors, including SoftBank, will sell as many as 30.7 million secondary shares in the IPO.
The 11-year-old firm has lost market share in recent years and shifted focus to serve consumers in smaller cities and towns.
More than 50 million unique customers have shopped at least once on the platform since April, according to the company. 75% of our business comes from repeat customers. More than 70% of our sales come from outside of Tier 2 towns and cities and 99% of our orders come via mobile phones. We cover 98% of the pin codes in the country. In a recent post, the co-founder and chief executive of the company wrote that their users browse and connect with them in seven different languages.
He said that building Snapdeal 2.0 meant creating all the required underlying capabilities to serve value-savvy users, staying within the guardrails of good economics and moving fast with bold and decisive steps.
Talks to combine the business with Flipkart didn't happen in 2017, so the focus shifted.
In its prospectus, the company said it generated an operating revenue of $31.9 million in the first half of the year.
More than half a dozen consumer-focused Indian startups have filed for an IPO this year. While some including Zomato and Nykaa have made stellar debuts, others including Paytm, which filed for the nation's largest IPO, has consistently performed below its issue share price. PolicyBazaar lost all of its IPO gains.
