What is Bumble?
Bumble is a dating app that allows you to meet new people and build meaningful relationships with them. Bumble has been known for its female-centric approach towards dating. After two people swipe each other right, the female counterpart gets 24 hours to begin a conversation. Over the last couple of years, Bumble has made exponential growth as a product. In the first 9 months of 2020, Bumble had a revenue of ~ $380Mn.
How did it go?
Bumble had a blast! It was up 70% from its listed value on the opening day of NASDAQ. It is now valued at $14.1Bn. The app is set to give some tough competition to Match Group- the owner of Tinder, Match.com and Cupid. Co-Founder and CEO Whitney Wolfe Herd had already received a whooping $125Mn from Bumble’s funding round last year.
What is an IPO?
An Initial Public Offering (IPO) is the process of a private company going public for the first time through new stock issuance where any investor can purchase shares of the company directly from the issuer.
Whitney Wolfe Herd
Whitney Wolfe Herd is now the world's youngest self-made female billionaire and the youngest woman in the US to take a company public.
She was also the co-founder of Tinder, which she left in 2014 to start Bumble, over a sexual harassment case. Tinder parent, Match Group, which denied the allegations, paid about $1 million to settle the dispute, according to a Reuters report.
Bumble vs Match
In 2018, after Bumble rejected a $450 million acquisition offer from Match, a court fight broke out against them. Match filed a lawsuit against Bumble alleging intellectual property infringement. But Bumble counter-sued two weeks later accusing Match of fraud and trade secrets theft. Both lawsuits were later dropped that same year.
Whitney’s is a poster story for all aspiring women entrepreneurs- it’s only fair that Bumble’s brand ambassadors are Priyanka Chopra and Serena Williams.
On a side note, it is good to see more and more product companies being listed on International stock exchanges. How long before that trend starts in India? Who’ll do it first? My guess is Byjus.
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