“WeBuy Global: Making Waves with its Nasdaq Debut”
WeBuy Global, a social commerce and travel platform hailing from Singapore, has officially entered the Nasdaq Capital Market, sporting the symbol WBUY.
The sensational journey of WeBuy Global as it takes center stage on the Nasdaq Capital Market, raising $15 million initial public offering (IPO).
The company priced it’s IPO of 3.8 million ordinary shares at US$4 per share, the low end of its expected range of US$4 to US$6.
“Bridging the Gap Between Consumers and Merchants”
Established in 2019, WeBuy Global operates a platform that serves as a link between consumers and local merchants and suppliers.
The platform offers group buying and social sharing services. As of June 2023, WeBuy boasts a user base of over 10 million registered users and collaborates with more than 100,000 active merchants.
The company said that it generates revenue from sales of groceries through its platform and from its new business of selling packaged travel tours, which it launched last year.
“WeBuy Global’s Impressive Growth and Revenue Surge”
WeBuy Global’s financial performance: doubling revenue to $44.5 million in 2022, its expanding presence in Southeast Asia, and plans for further growth in the Indonesian market.
The company generates revenue through grocery sales on its platform and its relatively new venture of selling packaged travel tours, which was launched the previous year.
Most of the company’s revenue for FY 2022 came from Singapore and Indonesia. Notably, contributions from Indonesia jumped 435.7% compared to the previous year. WeBuy also made small improvements in net loss and loss from operations in the same period.
In February of the same year, the company announced its intention to raise between $10 million to $20 million in an ongoing series B funding round. This fundraising initiative aims to further strengthen WeBuy’s position in the Indonesian market.
