Re-commerce firm Rockingdeals Circular Economy plans to expand in Northeast, raising funds through SME IPO

Re-commerce firm Rockingdeals Circular Economy is mulling to make its debut on the NSE Emerge platform in November 2023, with an objective to raise approximately Rs 25 crore through its initial public offering (IPO). This figure includes the successful completion of a pre-IPO round, which raised Rs 4.80 crore. The company, headquartered in Faridabad, specialises in sourcing unboxed, excess inventory, and refurbished products, and it had submitted its draft red herring prospectus (DRHP) to NSE Emerge in September 2023.

The company intends to offer up to 1.5 million equity shares, each with a face value of Rs 10, through the book-building process. For the IPO, Corporate Capital Ventures has been appointed as the book running lead manager and Bigshare Services will serve as the registrar.

At present, the re-commerce enterprise operates from four warehouses and has ambitious plans to extend its presence in the northeastern region of India. Aman Preet, Promoter and Managing Director, Rockingdeals Circular Economy said, “The point being sustainability agenda and consumerism can go hand in hand if the next 10 per cent of consumers can be tapped – who see the value in the product they pay for. This is the core of what we aim to achieve. We are expanding to newer markets every day and are confident to quadruple our topline in the next two years.”

Announcing the plan to expand its foothold in Northeast India, he further highlighted that the retail market in Northeast India has been consistently growing over the past few years, presenting ample opportunities of growth.

The primary purpose of this IPO is to utilise the proceeds for working capital requirements, brand positioning, marketing and advertising, and general corporate purposes. Rockingdeals Circular Economy stands as one of India's largest organised players in the B2B sourcing sector, specialising in unboxed, excess inventory and refurbished products. Their product portfolio spans 18 stock-keeping units (SKUs), including electrical appliances, apparel and footwear, speakers, mobile devices, and mobile accessories.

Furthermore, the company in a release said that it has formed partnerships with marquee brands and platforms, including Samsung, Thomson, MI, LG, Symphony, Zara, Nike, Reebok, Campus, Sony, JBL, Boat, Gizmore, and One Plus. Additionally, they have affiliations with Snapdeal, Flipkart, and Amazon to source surplus inventory and open-box products.

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