Indian Retailer Snapdeal targets $250 million IPO in 2022
- ByTejika Bajaj | December 1, 2021
SoftBank and Alibaba Group Holding backed Indian retailer Snapdeal has confirmed its intentions of releasing an IPO in early 2022 and is set to file its preliminary documents for the same as per a few sources close to the matter. The e-commerce platform is looking forward to raising an IPO worth $250 million which would result in a post money valuation of $1.5 billion.
Snapdeal aims to file its draft red herring prospectus (DRHP) in the next few weeks and make a debut in the stock market in the early months of 2022. If the speculations turn out to be true, then the e-commerce platform would become the largest tech platform to test the investor appetite post a disastrous IPO of One 97 Communications, the parent company of the fintech giant Paytm.
The Delhi based platform however hopes to follow along the trajectory of food delivery startup Zomato and fashion and beauty platform FSN E-Commerce Ventures Ltd which recorded a high market capitalisation.
Founded in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal is an online e-commerce platform based out of Delhi. The platform claims to have more than 60 million products across 80+ categories on the app. The e-commerce platform competes with the likes of Amazon and Flipkart and clocks in a user base of 20 million.
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