- Want, a web-based market identified for promoting low cost Chinese language items, filed to go public on Friday.
- Want is searching for a valuation of between $25 billion and $30 billion on the general public market, in line with two folks acquainted with the matter, per the Monetary Occasions.
- The e-commerce startup, based in 2010, joins a bunch of different tech firms submitting for a public itemizing, together with Airbnb, DoorDash, and Roblox.
- The corporate reported $1.75 billion in income for the primary 9 months of this yr, up 32% from 2019.
- Want generated web losses of $176 million in that interval, in comparison with $5 million in 2019.
- Go to Enterprise Insider’s homepage for extra tales.
E-commerce startup Want filed to go public on Friday, revealing that it made greater than $1.7 billion in income through the first 9 months of 2020.
Want is in search of a valuation of between $25 billion and $30 billion on the general public market, in line with two folks with information of the matter, per the Monetary Occasions.
It filed its IPO prospectus with the Securities and Trade Fee, becoming a member of a rising listing of tech firms hoping to debut within the US earlier than the top of the yr, together with trip rental website Airbnb, online game platform Roblox, and meal supply service DoorDash.
The corporate, which lists items from sellers in Asia — predominantly China — at rock-bottom costs, was based in 2010 by its CEO Peter Szulczewski, who previously labored at Google as an engineer.
Within the first 9 months of 2020, Want reported revenues of $1.75 billion, its submitting confirmed — up 32% from the identical interval in 2019. Nevertheless, it made a loss general, of $176 million, in comparison with $5 million in the identical interval final yr.
The San Francisco-based platform stated the corporate has facilitated the cargo of greater than 640 million objects to consumers throughout greater than 100 nations through the 12 months ending September 30, 2020.
Want was final valued at $11.2 billion in August 2019.
On its web site, Want says it has greater than 70 million lively customers and greater than 1 million registered retailers. Its sellers supply every part from dwelling items to electronics to attire.
Since 2017, its cell app has been probably the most downloaded world procuring app, in line with information supplier Sensor Tower.
Want has been one of many many e-commerce platforms to profit from the coronavirus pandemic. Quarantine measures and restriction have deterred many consumers from going to retail shops, which means on-line procuring has boomed.