Cellular e-commerce startup Want information IPO, claims 108 mn customers

Mobile e-commerce startup Wish files IPO, claims 108 mn users

The mobile e-commerce platform Wish said in its IPO filing it has more than 100 million active users for the service which conne
The cellular e-commerce platform Want mentioned in its IPO submitting it has greater than 100 million lively customers for the service which connects retailers to customers all over the world

The operator of the cellular e-commerce startup Want filed paperwork for a share providing Friday, revealing a person base of greater than 100 million.

The submitting by US-based mum or dad agency ContextLogic mentioned the platform is trying to broaden the enterprise which to this point has been connecting retailers primarily based primarily in China with customers all over the world.

Want’s preliminary public providing (IPO) submitting mentioned it was essentially the most downloaded procuring app and operated in additional than 100 international locations, having shipped greater than 640 million objects.

The startup mentioned it had 108 million month-to-month lively customers on the finish of September. It posted a lack of $120 million previously quarter on income of $1.7 billion.

Want’s most up-to-date valuation primarily based on funding rounds was $11.2 billion, however the Monetary Occasions mentioned the corporate is aiming for a richer worth within the IPO of $25 billion to $30 billion. .

Want’s slogan is “procuring made enjoyable” and consists of movies and video games as a part of the retail expertise.

“To reinforce person engagement, we incorporate recent gamified options, wealthy user-generated content material together with photographs, movies, and opinions, and a variety of related merchandise to make procuring extra entertaining,” the IPO submitting mentioned.

Its enterprise has been targeted up to now on delivering items at low costs from Chinese language sellers, however has been increasing to usher in retailers from Europe, Latin America and North America.

“Via our diversified and world service provider base, we’re in a position to supply higher depth and breadth of classes and merchandise,” the submitting mentioned.

“For instance, in 2019, 4 out of the highest 10 promoting retailers on our platform have been situated in america promoting refurbished electronics, magnificence merchandise, and pastime objects, which illustrates the continuing diversification of our service provider base and product classes.”

The submitting comes amid a wave of IPOs within the tech sector together with from supply startup DoorDash, gaming agency Roblox and home-sharing big Airbnb.

Want was based by Polish-born Peter Szulczewski, who’s the chief government of the agency launched in 2010.

“I grew up in Soviet-controlled communist Poland within the Eighties the place I realized first-hand what it’s prefer to not have entry to primary items and providers,” he mentioned within the IPO submitting.

“I based Want to assist the underserved who’ve been uncared for by current e-commerce choices.”

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© 2020 AFP

Cellular e-commerce startup Want information IPO, claims 108 mn customers (2020, November 20)
retrieved 20 November 2020
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