Early stage B2C e-commerce startup SaleBhai is all set to open its initial public offering (IPO) on 27th July. As reported earlier, the startup had already received in-principle approval for the IPO.
It is set to become the first B2C e-commerce startup to raise money through the public route in such an early stage. This Times Group-backed startup will be looking to raise ₹23.73 crores through this IPO in BSE-SME exchange. The startup has already secured ₹10.2 crores($1.5 million) from investors like Times Group’s Brand Capital and other 71 HNIs.
Monarch Networth Capital Limited (Monarch) is acting as the issue’s Lead Manager, while Skyline Financial Services Private Limited will act as the Registrar to the issue.
These funds will be used towards the growth of the startup by increasing customer acquisition, improving IT platform, along with the addition of more authentic sellers and product categories. It will also enhance the user experience by making it much more smooth and effortless.
Commenting on the IPO, Vishwavijay Singh, Co-founder, SaleBhai.com, said, “SaleBhai is at the cusp of an unforgettable transformation. I am extremely proud of the work the SaleBhai team has done to bring the company to this point and bring smiles to thousands of faces that were missing the taste of home. Now, we will take the heart-warming feeling of nostalgia and the taste of home that our products offer as a business model into the market, and expect a positive reaction. We are grateful to our customers, our existing investors, and our wonderful team on this occasion.”
Ahmedabad-based SaleBhai was founded by Vishwavijay Singh and Purva Kalita in September 2015. It offers products from various categories like sweets, dry fruits, handicrafts, health products, chocolates, herbal, puja, and antique. There are over 400 sellers from 100 cities on the platform.
Other startups looking to go the IPO route to raise capital include IndiaMART which is looking to raise ₹600 crores through IPO and Delhivery, e-commerce logistics startup is also looking to launch its IPO in the coming months.