June 25 (Reuters) - VTEX, a Brazilian digital commerce
platform backed by SoftBank Group Corp, on Friday filed
for an initial public offering in the United States, revealing a
56% jump in revenue in the three months ended March 31.
The company started its operations in Brazil in 2000, set up
its first overseas office in 2013 and expanded into the United
States in 2017. Its platform allows customers to execute their
commerce strategy, including building online stores and managing
VTEX caters to customers including Sony, Nestle
, McDonald's Corp, in over 32 countries, its IPO
The company is among several highly valued startups from
Latin America that are rushing to take advantage of a red-hot
IPO market in the United States. Brazilian fintech Nubank,
payments company Ebanx and General Atlantic-backed Hotmart are
also preparing for a U.S. listing in the coming months.
VTEX said it benefited from pandemic-led tailwinds last year
as consumers moved to shopping online. It reported revenue of
$25.9 million in the first quarter this year, up from $16.6
million in the same period a year earlier.
Net losses, however, widened to $12.5 million from $5.2
million last year.
VTEX, which is looking to list on the New York Stock
Exchange, was last valued at $1.7 billion after a funding round
in September. Besides SoftBank, VTEX also counts Tiger Global,
Lone Pine Capital and Constellation among its investors.
SoftBank has bet big on Latin American technology startups
through its $5 billion fund dedicated to the region.
The tech investment giant has also backed unicorn startups
including payments company Clip and used-car platform Kavak from
The company's shares will trade under the symbol "VTEX", it
J.P. Morgan, Goldman Sachs and BofA Securities are the lead
underwriters for the IPO.
(Reporting by Niket Nishant in Bengaluru;
Editing by Vinay Dwivedi)