Snapdeal may raise $400 million through IPO: Report

Many startups are working on their listings, of which several are from the fintech and ecommerce industries. (Image: Shutterstock)

E-tailer Snapdeal is considering raising around $400 million via an initial public offering (IPO), Bloomberg has reported.

The SoftBank-backed company is in talks with advisers about a potential listing that could value the company at $2.5 billion, the report said. The talks are still in the preliminary stage, and the Gurugram-based company may choose not to go ahead with the plan.

The IPO might take place as early as next year, sources told the business news website.

Moneycontrol could not independently verify the story.

Representatives for Snapdeal and SoftBank declined to comment when contacted by Bloomberg.

Snapdeal was founded in 2010, and now has 60 million products across 800 categories on its platform, according to the Bloomberg report. It delivers to more than 6,000 cities and towns in India.

36 companies have launched their IPOs in 2021, raising over Rs 60,200 crore. Many startups are working on their listings, of which several are from the fintech and e-commerce industries.

Fintech company Paytm, insurance aggregator Policybazaar, and fashion and cosmetics e-tailer Nykaa have filed the draft papers for their IPOs, which are expected to be launched in the coming months.