Sagoon, the rapidly growing online social commerce platform, has recently entered an agreement for a $5 million investment from HT Media Ltd, one of India’s oldest and largest media companies.
Why it matters:
- With this agreement, Sagoon will be able to reach nearly 460 million Indian internet users through different media properties owned by HT Media.
- HT Media’s publications include English newspapers Hindustan Times, Mint, and Hindi daily Hindustan, as well as several other digital properties and FM radio stations.
- It will also provide in-market visibility for Sagoon through leading media like the Hindustan Times.
- This deal follows the company’s successful Mini-IPO, launched in 2017 and raising $4.8 million from 3000 investors and the launch of its Mobile app in January which has over 580,000 app downloads in just two months.
- Sagoon plans to continue the development of its Social Smart Card which is to be released by the end of 2018. This card will allow its users to earn money while shopping, redeeming coupons, and gifting their loved ones.
Moreover, it is also working on its iOS application.
- Sagoon Android App Launched Officially
- Sagoon Reaches 1.1 Million Users
- Sagoon: A Spectacular Failure?