Manish Chandra, CEO, Poshmark. Photo credit: Niall Kennedy/Flickr, licensed under Creative Commons

Poshmark, the popular clothing resale marketplace, has announced that it’s confidentially filed for an intended public listing with the U.S. Securities and Exchanges Commission (SEC), as the Redwood City, California-based company looks to go public nine years after its founding and nearly $160 million in equity funding over the years. Among Poshmark’s backers who may be in line to reap significant profits from its IPO include venture capital firms GGV Capital, Menlo Ventures, Mayfield, and Temasek. Poshmark is majorly a resale marketplace for fashion and clothing items, currently with millions of sellers. The company makes money by taking a cut of each sale facilitated through its platform.

Poshmark reports currently having 8 million sellers and 60 million registered users in total. It’s such that the company last raised private funding in 2017, implying that it’s likely been profitable for one or two years now or is really good at conserving cash. Poshmark has expanded rapidly since its inception, with the company stating that $175 million worth of products are put up for sale on its platform each week. Altogether, there are more than 100 million listings on Poshmark’s site.

Poshmark was founded in 2011 by a team of entrepreneurs by the names of Manish Chandra, Tracy Sun, Gautam Golwala, and Chetan Pungaliya. Chandra has served as the company’s CEO for a long time, himself a serial entrepreneur who previously founded Kaboodle, one of the companies that pioneered the concept of social shopping. Kaboodle was acquired by media giant Hearst back in 2007.

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