Logo of Phnom Penh Post newspaper Phnom Penh Post - US mobile start-up Wish files IPO, claims 108 million users

US mobile start-up Wish files IPO, claims 108 million users

Content image - Phnom Penh Post
Wish was founded by Polish-born CEO Peter Szulczewski and launched in 2010. WISH.COM

US mobile start-up Wish files IPO, claims 108 million users

The operator of the mobile e-commerce start-up Wish filed documents for a share offering on November 20, revealing a user base of more than 100 million.

The filing by US-based parent firm ContextLogic said the platform is looking to expand the business which up to now has been connecting merchants based mainly in China with consumers around the world.

Wish’s initial public offering (IPO) filing said it was the most downloaded shopping app and operated in more than 100 countries, having shipped more than 640 million items.

The start-up said it had 108 million monthly active users at the end of September. It posted a loss of $120 million in the past quarter on revenue of $1.7 billion.

Wish’s most recent valuation based on funding rounds was $11.2 billion, but the Financial Times said the company is aiming for a richer value in the IPO of $25 billion to $30 billion.

Wish’s slogan is “shopping made fun” and includes videos and games as part of the retail experience.

“To enhance user engagement, we incorporate fresh gamified features, rich user-generated content including photos, videos and reviews, and a wide range of relevant products to make shopping more entertaining,” the IPO filing said.

Its business has been focused so far on delivering goods at low prices from Chinese sellers, but has been expanding to bring in merchants from Europe, Latin America and North America.

“Through our diversified and global merchant base, we are able to offer greater depth and breadth of categories and products,” the filing said.

“For example, in 2019, four out of the top 10 selling merchants on our platform were located in the United States selling refurbished electronics, beauty products, and hobby items, which illustrates the ongoing diversification of our merchant base and product categories.”

The filing comes amid a wave of IPOs in the tech sector including from delivery start-up DoorDash, gaming firm Roblox and home-sharing giant Airbnb.

Wish was founded by Polish-born Peter Szulczewski, who is the CEO of the firm launched in 2010.

“I grew up in Soviet-controlled communist Poland in the 1980s where I learned first-hand what it is like to not have access to basic goods and services,” he said in the IPO filing.

“I founded Wish to help the underserved who have been neglected by existing e-commerce offerings.”


  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,