Achieves over 1000% increase in travel services and more than 200% increase in sales of groceries in
Completes recent IPO for gross proceeds of
“Our strategy of introducing new travel services has proven highly effective, evidenced by a 1026% surge in revenue. In the first half of 2022, we generated approximately
“We recently completed an initial public offering for aggregate gross proceeds of approximately
“We remain committed to our mission of transforming the e-commerce model into a community-driven experience for consumers. Specifically, we are bringing greater efficiency to the traditional supply chain process through the elimination of intermediaries. We conduct our “group buy” purchases through both our Webuy mobile app, as well as through various social networking channels, such as WhatsApp, WeChat, as well as our own proprietary app. In each instance, a Group Leader is assigned to each community group, based on geographic location, to place orders on a consolidated bulk purchase basis. We are able to achieve competitive prices for our customers similar to a group purchase and bulk order, without having to undertake bulk purchases individually, through a community-centric approach. Moreover, we are leveraging our growing customer base and brand recognition to expand into other products and services such as tours, travel packages, food delivery services and e-vouchers. Overall, we are highly encouraged by the outlook for business and look forward to announcing additional developments as we focus our foothold within large and underserved Southeast Asian markets.”
Financial Results
Total revenue increased by 62.4% to approximately
The gross profit for the first six months of 2023 amounted to approximately
For the six months ending on
About
The Company’s mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the
The Company's innovative 'group buy' business model is set to revolutionize traditional shopping practices, offering substantial cost savings to customers through a community-centric approach. This approach, akin to group purchases and bulk orders, simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model. Additional information about the Company is available at http://webuy.global/
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding the anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-271604). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Contact:
Tel: 212-671-1020
Email: wbuy@crescendo-ir.com
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