1. Startups

Evermos Considers IPO in the Next Two Years

Evermos targets positive EBITDA in the fourth quarter of 2024

Evermos is considering an initial public offering (IPO) in Jakarta or Nasdaq US in the next two years. This was conveyed by Co-Founder Iqbal Muslimin as quoted Nikkei Asia.

With base reseller strong and continuing growth, as well as support from leading investors, Evermos it is believed to be well positioned to continue its expansion and capitalize on opportunities in the IPO market.

Apart from Indonesia, consideration for an IPO on the US Nasdaq shows the company's ambition to reach the global market and increase visibility on the international stage.

IPO is indeed one of the exit options that many developing stage startups are starting to consider. A number of local startups continue to reveal these plans, including carrying out a "dual listing" public listing in two markets at once --- mostly Indonesia and the US.

Apart from Evermos, DigiAsia Bios also conveyed the same plan last year. However, a number of startups that have been considering SPACs and dual listings for the last three years have abandoned their intentions (or at least postponed) this corporate action, including Kredivo, Traveloka, to Dekoruma.

Evermos Achievements

Focusing on the social commerce business model to accommodate sales through resellers in tier-2 and 3 cities, Evermos has more than 165,000 active sellers throughout Indonesia and 1,600 MSME partners.

At reseller use their own social media networks to market products, creating a more direct relationship with consumers and customers. They also receive social media marketing training from the company.

To date, Evermos has collected funding of $78,3 million from investors such as International Finance Corp, Shunwei Capital, UOB Venture Management, and Jungle Ventures.

In 2023, the industry's GMV social commerce Indonesia is estimated at $8,2 billion. This figure is projected to increase by $22,1 billion by 2028. This projection provides a strong foundation for Evermos, who anticipates their GMV will double to around $800 million this year. The company also targets positive EBITDA in the fourth quarter of 2024.

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Disclosure: This article was produced with AI technology and supervision of the content writer
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