The company has already received funding from 71 individuals, who had started as customers and became investors for the platform.
SaleBhai Internet Limited, the owner, and operator of SaleBhai.com, a B2C e-commerce company has received BSE approval for listing on the SME platform.
It means the Ahmedabad -based e-commerce startup will be able to raise money through public route at an early stage.
The company has already received funding from 71 individuals, who had started as customers and became investors for the platform.
For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 percent of the company’s equity in the market, and will be listed on SME Platform of Bombay Stock Exchange.
It is looking to raise Rs 23.73 crore. It intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, an addition of more authentic sellers as well as product categories, and make the customer experience smoother and effortless.
“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,” said Vishwavijay Singh, Co-Founder, SaleBhai.
Monarch Networth Capital Limited (Monarch) is acting as the issue’s Lead Manager, while Skyline Financial Services will act as the Registrar to the issue.
Salebhai currently estimates the IPO is likely to take place in July 2018, now that BSE approval has been received.
