Indian social media startup Sagoon plans to raise USD 1.8 million by diluting about 10 per cent stake in the company.
"We are raising maximum of USD 1.8 million at a valuation of USD 15 million. Per share selling price is USD 3.75," Sagoon founder Govinda Giri told PTI.
Started in 2014, Sagoon offers a social commerce platform for users worldwide and plans to launch an equity crowd-funding initiative with the help of Bankroll.
"The amount of capital raised will be used to expand the platform's user base, enhance product infrastructure and develop and launch a mobile app," Giri said.
Sagoon also plans to introduce its social smart card later this year which rewards users for interacting with the site's features.
Users will receive a free smart card when they create a profile and join the Sagoon community. From there, registered users may buy and send gift cards to connected friends and family, he said.
"Rather than having multiple gift cards, users may take advantage of one Smart Card, redeemable at certified retail partners. All Sagoon Smart Card users will receive 5 per cent back on all transactions," he added.
Sagoon has over 2,55,000 registered users.
"I am glad and excited to offer an investment opportunity to India and Indian investors. For the very first time in the history, we are able to advertise to accredited investors from India that they are allowed to invest in an early stage tech startup like Sagoon," the company's co-founder Swati Dayal said.
