We truly believe Sagoon has the potential to change the way people connect, share, and earn via social media and we have great excitement to be part of the journey.
March 13, 2018
Sagoon, the social commerce platform enabling its users to Connect, Share, and Earn, today announced it has entered into an agreement for a $5 million investment from HT Overseas Pte Ltd (“HT Singapore”), a wholly-owned subsidiary of HT Media Limited (“HT Media”), one of India’s oldest and largest media companies.
The deal with HT Singapore will enable Sagoon to reach nearly 460 million Indian internet users, a large chunk of Sagoon’s initial south Asian target market, through different media properties owned by HT Media. HT Media’s publications include the English-language newspapers Hindustan Times and Mint, and Hindi daily Hindustan, as well as several other digital properties and FM radio stations.
Sagoon will continue the development of its innovative Social Smart Card, currently planned for release by the end of 2018, and allowing Sagoon users to earn money while shopping, redeeming coupons, and gifting their loved ones. Further, Sagoon is rigorously working towards developing and launching an iOS app. The company considers the social smart card and the iOS app to be game-changers, particularly within the $300 billion social ecommerce market.
“We are thrilled to enter into this agreement with such an influential partner as HT Singapore. The reach of Hindustan Times will enable us to further connect with a large market of Indian internet users, which is the second largest in the world,” said Govinda Giri, founder and CEO, Sagoon.
The deal follows the successful launch of the Sagoon mobile app for Android in January. With more than 580,000 app downloads in just two months, Sagoon now boasts 1.6 million users across its mobile and web-based social commerce platform. The Company continues to build market share, onboarding those within the 2.8 billion social network users across the globe who are looking for a better social experience than is provided by current platforms.
“Our investment in Sagoon is a testament to the wonderful product that they have built and to the preferred social experience they are providing to users around the globe. We truly believe Sagoon has the potential to change the way people connect, share, and earn via social media and we have great excitement to be part of the journey,” said Ateev Chadda, Head of Equity Team, Hindustan Times.
Sagoon solves a glaring problem in today’s U.S. social media landscape – U.S. social networks are not set up for ecommerce. Direct commerce between users and sellers and amongst users is prohibited, and users earn no financial rewards for being a direct source of revenue. There is also a missed opportunity to make gift cards, coupon offers, and discounts purely social.
The Company launched a Regulation A offering in 2017, offering Class C common stock at $23 per share with a minimum investment of $1,000. Since then, it has raised approximately $3.4 million from more than 3,000 investors globally who share Sagoon’s vision of a social commerce platform that helps users to Connect, Share, and Earn. The company raised an additional $1.4 million privately in early 2016.
Regulation A offerings provide an opportunity for the non-accredited general public to invest and own stock in the company. The company is still accepting investments from public and institutional investors and can be accessed through its website http://www.sagoon.com/invest, where the Offering Circular is posted.
Sagoon is an early-stage social commerce platform that offers users a chance to make money while socializing. The word “Sagoon” is derived from the Sanskrit word “Shakuna”, meaning “an auspicious moment” or “good luck”. First launched as a search engine in 2009, Sagoon evolved into a social commerce platform in 2014 with the mission of helping people to better Connect, Share, and Earn. To connect with Sagoon, visit http://www.sagoon.com or “Like” the Company on Facebook. To invest in the company through its Regulation A+ offering, please click here. Potential investors should review the company’s Offering Circular filed with the Securities and Exchange Commission prior to investing.
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