Wish Claims 100 Million Users
The e-commerce platform Wish, which focuses on inexpensive products mostly made in China, claimed in a document Friday in preparation for its IPO to have more than 100 million monthly active users.
Founded in 2010 and based in San Francisco, the start-up was valued at $ 11.2 billion during its last funding round in 2019.
It seeks to raise between 25 and 30 billion dollars on the occasion of its arrival on Wall Street, indicated the Financial Times, citing sources close to the operation.
In addition to more than 100 million active users, Wish claims to work with more than 500,000 sellers and to have distributed 640 million items during the twelve months ending September 30 in more than 100 countries.
The company said on Friday that it posted sales of $ 1.75 billion in the first nine months of the year, marked by the surge in online sales due to the pandemic. This corresponds to an increase of 32% compared to the same period in 2019.
However, its revenue growth is quite chaotic: it was 57% in 2018 but only 10% in 2019.
Wish also indicates that it has lost 176 million dollars over the first nine months of the year, against 5 million over the same period in 2019.
The group, which filed its file with the American Financial Markets Authority (SEC) under the official name of ContextLogic, had started its IPO process in the summer using a so-called “confidential” mechanism, which keeps information deemed strategic.
Wish is part of a group including DoorDash, Airbnb and Roblox, which plans to enter Wall Street before the end of the year.
The company was started by Peter Szulczewski, a Google alumnus, who retains most of the shares and voting rights.
“I grew up in communist Poland, under Soviet control, in the 1980s, where I learned what it is like not to have access to basic goods and services,” he said in a commentary. letter accompanying the IPO document.
“I founded Wish to help disadvantaged people overlooked by existing e-commerce offerings,” he says.
Wish Claims 100 Million Users - /10