Investments

Shopping App Wish Gets $300M At $11.2B Valuation

Shopping App Wish Gets $300M At $11.2B Valuation

The popular mobile shopping app Wish has raised about $300 million in a Series H round, according to reports.

The round, which was led by General Atlantic, gives the San Francisco-based app a post-money valuation of $11.2 billion.

Much of the company’s business is built around the sourcing of affordable goods from China, and the tariffs imposed on Chinese goods by President Trump’s administration could potentially harm its business. The company, anticipating this, said it will use the new capital to grow its "merchant footprint in Europe and North America."

According to analysts, Amazon will cite Wish as a competitor to help protect it against claims of having a monopoly in the eCommerce sphere.

Wish was launched in 2010 by Danny Zhang, a former Yahoo! employee, and a former Google employee named Peter Szulczewski. In 2014, the company was worth $400 million.

The San Francisco-based company utilizes a Pinterest-like interface that uses algorithms and Big Data to provide users with a customized retail experience. The mobile app lets users “buy or save” products presented in an array of images.

Last year, in order to help Wish users with their shipping needs, ShippingEasy was integrated into the marketplace’s shopping app. The partnership enabled Wish customers to track orders and print shipping labels.

“Sellers use the Wish shopping app to reach millions of worldwide consumers each day, and now they will benefit from the integration with ShippingEasy,” ShippingEasy Vice President Strategy & Business Insights Navin Kekane said at the time. “Among many other benefits, ShippingEasy’s powerful automation and two-way inventory sync[ing] through our inventory management solution will allow Wish sellers to put more hours back in their day so they can concentrate on growing their business.”

With the rollout, ShippingEasy offered sellers automatic order import from Wish and other major selling channels, as well as one-click and batch printing and custom forms. The platform also offers discounted shipping rates and built-in inventory management with multi-channel automation.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW