E-commerce platform Snapdeal on Tuesday filed papers with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) by which it plans to lift Rs.1,250 crore.

According to Draft Red Herring Prospectus, the IPO consists of a contemporary challenge of shares value Rs. 1,250 crore and a proposal of sale of 308 lakh shares.

“The Offer has been authorised by our Board pursuant to resolution passed on November 28, 2021 and the Fresh Issue has been authorised by our Shareholders pursuant to a resolution passed on December 5, 2021,” Snapdeal famous within the Draft Red Herring Prospectus.

“We were India’s largest pure-play value e-Commerce platform, in terms of revenue for the Financial Year 2020. Further, with over 200 million app installations on Google Play Store, we are the most installed pure-play value e-Commerce application and one of the top four online lifestyle shopping destinations in terms of total app installations in India, as of August 31, 2021,” Snapdeal claimed within the draft paper.

Snapdeal was based in 2007 by Kunal Bahl and Rohit Bansal. It began as a coupon booklet enterprise, which was remodeled into a web based offers platform in 2010 and a web based e-commerce market in 2012.

“Our Company is a professionally managed company and does not have an identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act,” Snapdeal stated.

Japan’s SoftBank is now the most important shareholder in New Delhi-headquartered Snapdeal.

Snapdeal’s IPO comes after the market debut of a number of tech giants together with One97 Communications, which runs Paytm and FSN e-commerce Ventures, which operates Nykaa.

Snapdeal’s focus enterprise now’s on worth way of life retail. The market measurement of worth way of life retail is anticipated to develop from $88 billion (roughly Rs. 6,63,770 crore) within the monetary 12 months 2021 to $175 billion (roughly Rs. 13,20,000 crore) by the monetary 12 months 2026, at a CAGR of roughly 15 %. The sizable presence of on-line worth customers is anticipated to develop at an rising fee, because the Indian e-Commerce shopper base is projected to develop to 350 million individuals by monetary 12 months 2026 as in comparison with 140-160 million customers in monetary 12 months 2021, Snapdeal famous within the draft paperwork filed with SEBI.

India’s Value e-Commerce market was value $7.4 billion (roughly Rs. 55,800 crore) within the monetary 12 months 2021, and projected to achieve roughly $39.4 billion (roughly Rs. 2,97,100 crore) by the monetary 12 months 2026. This development will likely be spearheaded by “emerging shoppers” from the mid-income section of Indian Tier 2+ cities, it stated.