Over 3,300 from 62 countries commit for investment in second round of Sagoon’s Mini-IPO

December 6, 2017

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Washington DC: Sagoon (www.sagoon.com), a social ecommerce startup founded in the United States by Nepalis, has closed the second round of funding from midnight on December 3. Over 3,300 people from 62 countries around the globe have invested in Sagoon in the second round of funding. 

Sagoon’s Co-founder Kabindra Sitaula informed that commitments for more than USD 4.8 million have been made as per the preliminary data.

“Actual data is yet to be calculated. But, we are excited by the preliminary data. Commitments for an investment of USD 4.8 million have been made by over 3,300 people from 62 countries around the globe,” he said, “We have reached near the success through the achievement we have made.”

The second round of funding of the social ecommerce startup that started from the United Kingdom on August 18, 2017 had continued for 105 days. 

According to Sitaula, most of the commitments have been made from South Korea and then from the United Kingdom, America, Australia and Japan respectively. He added that there has been a good representation also from the UAE, Canada, India, Qatar, Hong Kong, Saudi Arabia and Malaysia.

He further said that all the data are preliminary and Sagoon will inform it formally after final data are collected.

It has been found that many filling up the forms and transferring amount from outside Nepal have mentioned their address as Nepal. Sitaula informed that customer care is contacting them to correct the address. 

He added that amount from the sale of shares can be collected from the desired country irrelevant of from where the investment was made. 

The social ecommerce startup had extended the deadline to transfer amount till December 8, 2017 for those who have filled up the applications, addressing the grievances in transferring amount owing to public holidays.

According to Sitaula, they will be informed about the actual amount after December 8 and then only the actual figure of investors and investment amount will figure out. 

He added that any doubt or queries regarding transferring amount can be addressed through a live chat at Sagoon's website and hotline.

Pressure has been added on the verification process owing to the rush in the investment process. It has been informed that it would take some time to provide the confirmation and certificate for investment as banks and companies are dealing with the management of the amount transferred through wire and credit cards. Situala requested all the investors to maintain patience.

According to him, the process of amount being deposited in Sagoon’s account after being verified from the concerned banks has started. 

He added that Sagoon will invest the amount mainly in unveiling new products and research and development.

The amount will also be spent on continuing the study and research of projects in pipeline in coordination with IIT, Delhi, designing of IOS app and appointing skilled manpower. Sagoon has kept social smart card at the top of its priority list.

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