Meal kits delivery start-up Blue Apron has submitted its files on Thursday to go public on the New York Stock Exchange (NYSE). The company will go public under the symbol APRN and aims at raising USD 100 Million in the deal. Though experts say that the New York-based company could rake in more dough.
In the submitted filing, the start-up has reported over 5,200 employees at the end of March. It even declares over 1.03 million customers at the end of March, which went up from 879,000 at the end of last year.
Blue Apron’s decision to go public comes amidst reports of steadily growing revenues. The start-up recorded a net revenue growth of more than 10 times between 2014 (USD 77 million) and 2016 (USD 795 million). However, the losses too have been equally prominent: Blue Apron lost nearly as much money in the first quarter of 2017 (USD 52 million, on quarterly revenue of USD 244 million) as it did in all of 2016 (when it lost USD 55 million on USD 795 million in revenue), reports CNBC.
A lead player in the venture-backed start-up arena, Blue Apron has had its fare share of competition in the past. Of these Sprig and Spoonrocket shuttered shop last year, while other rivals include the likes of Hello Fresh and Plated.
Venture investors including First Round Capital, SG Growth Partners and Bessemer Venture Partners have backed the start-up. Meanwhile, the lead benefactors for the public filing include Goldman Sachs, Morgan Stanley, Citigroup, and Barclays.
Feature Image: Blue Apron