Indian American-founded on-line market Poshmark Jan. 14 formally listed the corporate on Nasdaq with its Preliminary Public Providing.
The Redwood Metropolis, California-based social market is reimagining the way forward for procuring by empowering on a regular basis individuals to generate income promoting their kinds whereas selling a extra sustainable approach to store.
Led by founder and chief govt officer Manish Chandra, Poshmark combines the human connection of a bodily procuring expertise with the dimensions, attain, ease and choice advantages of eCommerce, attracting a big and rising group from throughout the U.S. and Canada.
Itemizing on Nasdaq below the ticker image POSH, Poshmark is on the forefront of three key traits driving the way forward for retail: the shift to on-line, the shift to social, and the shift to secondhand, it stated.
“Going public is a crucial milestone within the lifetime of any firm and we had been able to take this subsequent step, aspect by aspect with our workers and group members,” Chandra advised India-West.
In submitting its S-1, Poshmark sought to boost $100 million of its Class A typical inventory. The corporate had raised at the very least $156 million from buyers, together with Mayfield Fund, GGV Capital, Menlo Ventures, Inventus Capital and Anderson Investments.
Chandra, who additionally serves on the corporate’s board of administrators, is chargeable for guiding the imaginative and prescient, technique and progress of the corporate.
Underneath his management, Chandra has utilized over 20 years of expertise constructing and scaling corporations to create a social market that mixes the human connection of a bodily procuring expertise with the dimensions, attain, ease and choice advantages of ecommerce, in accordance with his bio.
Talking on his inspiration for Poshmark and main the corporate to its IPO, Chandra stated, “I spent summers with my grandfather at his pharmaceutical store in Chandni Chowk, one of many oldest and busiest markets in Previous Delhi. Every day, I explored the market, observing prospects interacting with effervescent store house owners who had been promoting the whole lot from garments and spices to metalworks and extra.”
“Distinctive offers had been being negotiated throughout me,” he advised India-West. “You may really feel the power of each sale and the vibrancy of individuals assembly and coming collectively. It was magical.”
Within the a long time since, the way in which individuals store has modified dramatically, evolving from small, native retailers on major streets, to massive malls in malls and finally to eCommerce, Chandra famous.
The Indian American entrepreneur stated that it appears that evidently society has shifted in direction of extra anonymized, commoditized and transactional purchases than any time earlier than within the historical past of human commerce.
The founder stated that, usually, prompt gratification purchases usually pile up in closets, some even with the tags nonetheless on – objects missing the enjoyment of a discovery or a personalised deal.
“This led me to marvel—why couldn’t on-line procuring be as social, thrilling, and private because it was earlier than eCommerce ‘disrupted’ retail?” he stated. “Would individuals promote and recirculate objects from their closets? And will we recreate group across the procuring expertise? Proper round that point, the iPhone four launched, and the solutions grew to become clear,” he stated.
“I noticed a future the place expertise may reinvent procuring by connecting and empowering on a regular basis individuals. A future the place anybody may generate income promoting their type, merely with their telephone,” he continued. “One the place we may give a second life to thousands and thousands of things. All I needed to do was determine find out how to make promoting on-line really easy that anybody with a closet may do it,” he defined to India-West.
Since 2011, Poshmark has grown its group to 70 million registered customers.
Initially focusing its website on girls’s style and merchandise simply present in a closet, it has advanced and expanded into males’s and children’ style, and ultimately dwelling items, and most just lately magnificence.
“We’ll proceed so as to add extra classes to fulfill the pursuits and calls for of our group,” the founder advised India-West.
Getting so far, nevertheless, wasn’t so simple as spinning the thought right into a actuality. It took a multi-tiered effort, as Chandra defined.
“To discovered Poshmark, I needed to strategy the problem of reimagining retail’s future,” he famous. “As an engineer, I developed a blueprint. It centered on three must-haves: One: social, to make procuring enjoyable and human once more; two: sustainable, each socially and environmentally; and three: data- and technology-driven, to make it easy and simple for anybody to find, store, purchase and promote.”
The response, he says, has been “overwhelmingly constructive,” whereas giving a lot of the credit score to the workers and group members who’ve helped deliver the corporate so far.
“It’s an honor and privilege to empower the thousands and thousands of people that make Poshmark what it’s—a group that embraces individuality, supplies assist, fuels circularity, and encourages dream chasing,” he added. “What makes Poshmark so particular is that individuals can pursue their very own ambitions and outline their very own success. The result’s a dynamic market, alive with the power of individuals coming collectively. One thing really magical.”
Now with the IPO within the rearview mirror, Chandra says the corporate has different methods at bettering its market.
“We’re targeted on persevering with to drive innovation to boost our social market by including new discovery parts, classes, nations, vendor instruments, and extra, all with the objective of continuous to make procuring and promoting easy, social and enjoyable,” he stated.
Previous to Poshmark, Chandra co-founded Kaboodle, a web based procuring web site the place he served as CEO, which was acquired by Hearst Communications in August 2007.
Earlier than Kaboodle, he held govt positions at Versant, Versata (IPO 2000, acquired by Trilogy) and Sybase (IPO 1991, acquired by SAP).
Chandra holds an M.B.A. in advertising and marketing and finance from Haas Enterprise College at U.C. Berkeley, an M.S. in pc science from the College of Texas at Austin, and a B.Tech from the Indian Institute of Know-how at Kanpur.
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