Joining several firms in India that have tapped the public market this year, Snapdeal filed for an initial public offering.

The startup said in its draft prospectus that it will issue fresh shares worth $165 million. Some of its existing investors plan to sell as many as 30.7 million secondary shares in the IPO. In recent years, the 11-year-old firm has lost considerable market share and shifted focus to serve consumers in smaller cities and towns.

Snapdeal, says more than 50 million unique customers have shopped at least once on its platform since April 2018. “75 per cent plus our business comes from repeat customers. More than 70 per cent of our sales are beyond Tier 2 towns and cities and 99 per cent of our orders come via mobile phones. And we cover 96 per cent of the pin codes in the country. Our users browse and connect with us in seven languages, beyond Hindi and English,” co-founder and chief executive Kunal Bahl wrote in a recent LinkedIn Post.

“Building Snapdeal 2.0 has meant creating all the required underlying capabilities to serve value-savvy users, staying within the guardrails of good economics and moving fast with bold and decisive steps,” he added.

Snapdeal said it generated an operating revenue of $31.9 million in six months ending in September.

IPO was filed by more than half a dozen consumer-focused Indian startups this year. Paytm which filed for the nation’s largest IPO has consistently performed below its issue share price whereas some including Zomato and Nykaa have made stellar debuts.