Amazon’s India rival Snapdeal reports higher sales ahead of IPO next year – The National
- Date: 21-Dec-2021
- Source: The National
- Sector:Financial Markets
- Country:Gulf
Amazon’s India rival Snapdeal reports higher sales ahead of IPO next year – The National
Snapdeal, the Indian e-commerce start-up backed by SoftBank Group, filed preliminary documents for an initial public offering, adding to the rush of tech companies looking to debut on the country’s exchanges amid a record-breaking stock market rally.
The New Delhi-based company plans to raise 12.5 billion rupees ($165 million) through the sale of new shares, according to its draft red-herring prospectus, or DRHP, filed with the Securities and Exchange Board of India. In addition, existing stockholders including SoftBank, plan to sell as many as 30.77 million secondary shares.
Snapdeal, founded in 2010, once rivalled Amazon and Walmart’s Flipkart in the burgeoning India market, but fell behind as its deep-pocketed competitors invested heavily to grab market share. Revenue from operations dived 44 per cent to just 4.7bn rupees in the year ended March 2021 as the two bigger players eroded its share of the market. Its loss narrowed by more than half to 1.25bn rupees.
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