Bumble, the dating app promoted by Priyanka Chopra, just raised $2.15 billion after increasing its IPO price twice
Dating appBumble made its first move at the stock market, and has raised $2.15 billion.
- The dating app, which is marketed by stars like
Priyanka Chopraand Serena Williams, raised its IPO pricing once again to $43 per share to sell 50 million shares.
- According to this, the company’s valuation has grown from $3 billion in 2019 to $8.2 billion now.
First, the company had set a target of selling 34.5 million shares at $28 to $30, and then raised it to selling 45 million shares in the price band of $37-$39 per share. According to this, the company’s valuation has grown from $3 billion in 2019 to $8.2 billion now.
The six-year old company joins the list of tech IPOs that have taken over Nasdaq – after the success of the likes of Airbnb, DoorDash and others.
Bumble faces competition from the likes of Tinder and Hinge. In its SEC filing, the company had mentioned the same as a risk factor. “The dating industry is highly competitive, with low switching costs and a consistent stream of new products and entrants, and innovation by our competitors may disrupt our business,” the company had said.
Bumble Inc, founded by Whitney Wolfe Herd, runs two dating apps Bumble and Badoo which are available in 25 and 51 different languages, respectively, all over the world.
In 2019, the company sold a majority stake in the company to American investment giant Blackstone group.
In January 2021, the company filed for IPO and revealed that it has 42 million monthly users. “While we are proud of how far we have come, having grown from a community of just a few people to an IPO, today is just day one. This marks the start of a very bright future for Bumble Inc., one that we believe will change lives and drive great value for shareholders,” Herd had said in an email to employees regarding the IPO.
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