Javascript on your browser is not enabled.

Advertisement

Early-stage B2C eCommerce Startup SaleBhai to Open Its IPO on 27th July, Looks to Raise Rs 23.73 Cr

Times of India group backed e-commerce marketplace is looking to raise Rs 23.73 crores through BSE – SME exchange

SaleBhai's Founders : Purba Kalita (L) & Vishwavijay Singh (R)

Ahmedabad-based SaleBhai Internet Limited, the owner and operator of B2C e-commerce company SaleBhai.com, is all set to make an initial public offer (IPO) on the 27th of July. The Times of India group backed company had received BSE SME in principle approval for the IPO on 22nd May, 2018 following the filing of a Draft Prospectus (DP). 

SaleBhai is all set to be the first B2C e-commerce company to raise money through the public route at such an early stage.

SaleBhai is issuing 22, 59,600 equity shares, offering 26.58% of the company’s equity in the market, and will be listed on the Bombay Stock Exchange’s (BSE) SME Platform. It is looking to raise Rs 23.73 crores. It intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and make the customer experience even smoother and effortless. 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. 

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.”

This interest from existing customers propelled the company to raise money from general public through an IPO. Salebhai had already received funding and support from 71 high net worth individuals, who had started as customers and became investors after experiencing the platform’s unique proposition for themselves.

SaleBhai.com is an Indian e-commerce marketplace that enables people living away from home to order a range of specialities directly from their hometowns like sweets, namkeen, chocolate, bakery, spices, dry fruits, beverages, and pickles, as well as offers products such as handicrafts, paintings, puja items, handloom goods, and herbal & wellness items.


Tags assigned to this article:
B2C eCommerce Startup SALEBHAI ipo

Around The World

Advertisement