Bengaluru: SaleBhai Internet Limited became the first B2C e-commerce firm to receive BSE approval for its Initial Public Offering (IPO) on SME Platform.The owner of SaleBhai.comhas received in-principle approval from BSE. The Ahmedabad-based e-commerce startup is the first to raise money through public route at an early stage.
According to SaleBhai, 71 individuals, who started as customers, had went on to become investors in the e-commerce platform after experiencing the platform’s unique proposition. The startup fulfills the needs of migrant communities in India and beyond, connecting them with foods and products with the flavours of their hometown.
“The interest from existing customers propelled the company to raise money from general public through an IPO,” the company said in a statement.
Commenting on the IPO, Vishwavijay Singh, co-founder, SaleBhai, said, “We took something small and precious – that heart-warming feeling of nostalgia and love that the taste of home brings – and turned it into a global business that brought a smile to thousands of faces. We are not addressing a material need, but a desire of the soul – a sense of belonging. With BSE approving our Draft Prospectus, we are well on our way of being the first B2C e-commerce company to have a public issue, and we are grateful to our customers, our backers, and our wonderful team members on this remarkable occasion.”
For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58% of the company’s equity in the market, and will be listed on SME Platform of Bombay Stock Exchange. It is looking to raise â‚¹23.73crores. 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.