Online Stationary Portal Zoffio Is Sold To Shenzen-Based Firm

Zoffio - All your office needs

Zuri Group Global, a known luxury hospitality brand linked with the Karmani family, has forayed into the e-commerce industries in 2012 with the launch of an office supplies portal known as Zoffio.

Zoffio is a vertical business e-commerce platform that offers stationary, paper products, digital products, travel accessories, office utilities, corporate produces and customized products to SMEs and corporates.

Founded on December 1, Zoffio in its 4 year span since has been growing steadily to become India’s leading e-store for office supplies, claiming to have sold more than 3.3 million products in 2015 alone.

But reportedly by Techcircle, Zoffio has ceased its opperations in April this year.

Apparently, the office supplies e-commercial startup has exited the businesses being bought by a Chinese firm in Shenzen. The name of the company and the amount of acquisition was not disclosed.

According to sources, the company had decided to end its operations in February 2016 and was completely shut down by April. The 200 existing Zoffio employees were given a three months of notice period and the management assisted some in finding new jobs. A few of the employees from the admin and technology teams have been retained and absorbed into the Zuri Group.

This decision made by the parent company was due to their inability to raise sufficient external capital to accelerate the growth of the startup as well as their disinterest in pumping more capital which ultimately led to the move to sell the entity.

Having purchased Zoffio, the Shenzhen-based firm is planning to enter India in 2017 with a similar business model.

About Zoffio
Zoffio.com is an e-commerce company based in Bangalore, India which focuses on stationery and office supplies. The firm is a part of Zuri Group Global and is built on the sole aim of organizing the office supplies industry in India, which is otherwise highly unorganized. To date, Zoffio caters to more than 5000 corporates and SMEs for their office needs.

For more information, please visit http://www.zoffio.com/

Snap Inc. May Go IPO At End Of March, 2017

snapchat going ipo

Spectacle came out not too long ago, but recently Snap, previously known as Snapchat, has landed on the headlines again with the rumored news that it is working on IPO.

The revelation was made by a Wall Street Journal report on October 6, saying that Snap is reportedly preparing for an initial public offering that could value the firm at US$25 billion or higher.

Founded in 2011 by Evan Spiegeal and Bobby Murphy, Snapchat’s valuation has grown in the last few years since the company has added advertising and sponsored contents to its messaging services.

The results from this digital advertising strategy was shown in a leaked document by Techcrunch saying that the company could make US$250 million to US$350 million revenue in 2016 while the estimated revenue noted for 2017 would be a whooping amount of US$1 billion.

This explains he IPO valued at US$25 billion which is significantly higher than Snap’s most recent valuation of US$17.81 billion, based on the financing round in May which has raised US$1.81 billion.

Accordingly, the growing social platform which boasts an ownership of 150 million daily active users plans for its IPO to take place as early as late March in 2017.

In response to this, the firm said in an emailed statement on Thursday, saying that “We aren’t commenting on rumors or speculation about any financing plans.”

About Snap
Snap, formerly known as Snapchat Inc, is a camera company that develops Snapchat and Spectacles. Snapchat is a photo messaging app that allows users to take photos, record videos, add text, drawings and filters and send them to recipients which will disappear after viewing. Spectacle, on the other hand, is a video-sharing sunglasses that frees the Snapchat app from smartphone cameras.

For more information, please visit https://www.snapchat.com/

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