NEW YORK (AFP) -The operator of the cell e-commerce start-up Want filed paperwork for a share providing on Friday, revealing a consumer base of over 100 million.
The submitting by United States (US)-based mum or dad agency ContextLogic stated the platform is trying to increase the enterprise which so far has been connecting retailers primarily based primarily in China with customers all over the world.
Want’s preliminary public providing (IPO) submitting stated it was essentially the most downloaded buying app and operated in over 100 nations, having shipped greater than 640 million gadgets.
The startup stated it had 108 million month-to-month energetic customers on the finish of September. It posted a lack of USD120 million up to now quarter on income of USD1.7 billion.
Want’s most up-to-date valuation primarily based on funding rounds was USD11.2 billion, however the Monetary Instances stated the corporate is aiming for a richer value within the IPO of USD25 billion to USD30 billion. .
Want’s slogan is “shopping made fun” and consists of movies and video games as a part of the retail expertise.
“To enhance user engagement, we incorporate fresh gamified features, rich user-generated content including photos, videos, and reviews, and a wide range of relevant products to make shopping more entertaining,” the IPO submitting stated.
Its enterprise has been focussed to date on delivering items at low costs from Chinese language sellers, however has been increasing to herald retailers from Europe, Latin America and North America.
“Through our diversified and global merchant base, we are able to offer greater depth and breadth of categories and products,” the submitting stated.
“For example, in 2019, four out of the top 10 selling merchants on our platform were located in the US selling refurbished electronics, beauty products, and hobby items, which illustrates the ongoing diversification of our merchant base and product categories.”
The submitting comes amid a wave of IPOs within the tech sector together with from supply start-up 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 in the 1980s where I learned first-hand what it is like to not have access to basic goods and services,” he stated within the IPO submitting.
“I founded Wish to help the underserved who have been neglected by existing e-commerce offerings.”