Agreement also to provide in-market visibility for Sagoon through leading media properties like Hindustan Times
Investment follows Company’s successful Mini-IPO, launched in 2017 and raising $4.8 million from 3000 investors
Kathmandu: The social commerce platform Sagoon has announced that it has entered into an agreement with HT Overseas Pte Ltd (HT Singapore), a wholly-owned subsidiary of HT Media Limited (HT Media) for an investment of $5 million. HT Media Limited is one of the oldest and largest media companies of India.
Issuing a press statement, Sagoon said that the deal with HT Singapore will enable Sagoon to reach nearly 460 million Indian internet users, a large chunk of Sagoon’s initial south Asian target market, through different media properties owned by HT Media. HT Media’s publications include English newspapers Hindustan Times and Mint, and Hindi daily Hindustan, as well as several other digital properties and FM radio stations.
"Sagoon will continue the development of its innovative Social Smart Card, planned for release by the end of 2018, and allowing Sagoon users to earn money while shopping, redeeming coupons, and gifting their loved ones," Sagoon said the press statement.
The company further stated that it is rigorously working towards developing and launching an iOS app. The company considers the social smart card and the iOS app to be game-changers, particularly within the $300 billion social ecommerce market.
“We are thrilled to enter into this agreement with such an influential partner like HT Singapore. The reach of Hindustan Times will enable us to further connect with a large market of Indian internet users, which is second largest in the world,” said Govinda Giri, founder and CEO, Sagoon.
The deal follows the successful launch of the Sagoon mobile app for Android in January. With more than 580,000 app downloads in just two months, Sagoon now boasts 1.6 million users across its mobile and web-based social commerce platform. The Company continues to build market share, onboarding those within the 2.8 billion social network users across the globe who are looking for a better social experience than is provided by current platforms.
“Our investment in Sagoon is a testament to the wonderful product that they have built and to the preferred social experience they are providing to users around the globe. We truly believe Sagoon has the potential to change the way people connect, share, and earn via social media and we have great excitement to be part of the journey,” said Ateev Chadda, Head of Equity Team, Hindustan Times.
Sagoon solves a glaring problem in today’s U.S. social media landscape – U.S. social networks are not set up for ecommerce. Direct commerce between users and sellers and amongst users is prohibited, and users earn no financial rewards for being a direct source of revenue. There is also a missed opportunity to make gift cards, coupon offers, and discounts purely social.
The company launched a Regulation A+ offering 2017, offering Class C common stock at $23 per share with a minimum investment of $1,000. Since, it has raised approximately $3.4M from more than 3,000 investors globally that share Sagoon’s vision of a social commerce platform that helps users to Connect, Share, and Earn. The company raised its other $1.4M privately in early 2016.
Regulation A+ offerings provide an opportunity for the non-accredited general public to invest and own stock in the company. The company is still accepting investments from public and institutional investors and can be accessed through its website www.sagoon.com/invest, where the Offering Circular is posted.