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PatPat set to receive a financial backing from SoftBank worth of $500 million

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PatPat, a California-based children’s apparel brand, is scheduled to get exclusive financial funding from SoftBank.

According to persons acquainted with the situation, the online marketplace for apparel and maternity supplies is considering an IPO.

The SoftBank Vision Fund 2-backed company has undertaken preliminary talks with possible advisers, according to the sources, who asked not to be identified since the information isn’t public.

 

According to them, a stock sale might take place as early as this year, raising roughly $500 million. According to two of the sources, PatPat may be worth over $3 billion.

According to the persons, the company, doing business as Interfocus Inc., is eyeing IPO sites such as Hong Kong. One of the sources indicated it might potentially opt to list in the United States.

The persons indicated that discussions are still ongoing and that parameters of the offering, such as size, location, and timing, might change. PatPat did not reply to demands for comment right away.

 

According to a statement on current investor Ince Capital’s website, PatPat finished a $160 million series D2 financing round in August, a month after receiving $510 million in its C and D1 rounds. DST Global, Capital Today, General Atlantic, and Ocean Link are among the other supporters listed in the announcement.

PatPat, a clothes and maternity goods company was founded in 2014 in Mountain View, California by two former Oracle Corp. engineers, distributes licensed brands like as Care Bears and Smurfs, according to its website.

According to its LinkedIn page, the company has offices in California and Shenzhen and employs over 1,000 people.

 

According to Ince’s statement, the company relies heavily on China’s garment supply chain sector and logistical infrastructure, and it serves customers in more than 100 countries and territories.

In China, cross-border e-commerce is expanding, with foreign businesses taking advantage of the country’s fashion supply chain and lower-cost logistics to fulfill the current Covid-19-fueled demand for online shopping. Last year, Shein, a Chinese fast fashion platform, surpassed Amazon.com Inc. in the number of shopping apps downloaded from U.S. stores.

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