Askme plans to raise $100 mn to expand consumer biz

By: | Published: June 3, 2015 12:45 AM

Askme, the online classified and ad-listing company which recently acquired e-grocer Bestatlowest, is looking to raise $100 million...

Askme, the online classified and ad-listing company which recently acquired e-grocer Bestatlowest, is looking to raise $100 million either through an initial public offer on the Nasdaq or London stock exchanges, or from its existing investors. The new investment will go into building Askme’s consumer facing businesses, which is a shift from its much larger enterprise business.

“To grow in size and scale we need $100 million. Either our existing shareholders bring in that money or we will go out and raise it,” said Manav Sethi, group CMO at Askme. The Askme app already has 12 million downloads, but Sethi thinks it is just the beginning.

Sethi said the company’s classified business is growing at one million ads every month, which is what Quickr and OLX have reached after a decade of running the business. Askme is just four years old. Because of its classified and ad business, Askme already has existing relationship with sellers. Sethi plans to use those relationships to get deeper into the consumer business.

Askme also has something called the Askme Bazaar, which is the online marketplace. In less than a year’s time, the platform has already crossed 25,000 sellers, with over six lakh stock-keeping-units. The same sales person who get the classified ads gets these merchants to list their products on Askme Bazaar.

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