Sagoon Eyes to Tap the US Market for Raising $20 Million
The aspect which differentiates Sagoon from other similar social media platforms in the ecosystem, lies in its unique approach. It allows users to connect with other like-minded people and earn reward points in exchange of sharing their personal experiences through its virtual platform, thus, validating the company motto: CONNECT, SHARE, EARN.
Sagoon Inc. a social network and e-commerce startup founded by Govinda Giri, an immigrant from Nepal is all set to tap the US Capital Market through its proposed initial public offering to raise as much as $20 Million, a top executive of the firm said.
Reportedly, the two-year-old startup will utilize its proceeds from the IPO for setting up a campus in India, while the remaining will be used to expand its team here. The firm intends to file its papers with the US Securities and Exchange Commission (SEC).
The Startup which has its offices in New Delhi and Washington DC, has successfully transformed the way like-minded users connect. It offers features like 'My Day' to create and share schedules and 'To-do lists', set reminders, provides access to secret sharing - where you can easily share a learning, an experience or thought.
Govinda Giri and Swati Dayal, the two founders launched this site as search engine in 2009, but it later developed into a social media & commerce platform in 2014. It has managed to raised $5,00,000 funds from friends and family. And has also closed an private equity deal in order to expand the user base, enhance product infrastructure and develop a mobile app.
On an average, Sagoon has a total base of 387,000 members from over 100 countries.