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US based cloud storage company Box files for $250 M IPO


Box, a US based cloud storage company has filed for a USD 250 million IPO, reports Forbes. As said, the company seeks funds to continue operating its business and capitalize on rapidly growing customer base relying on cloud.

Launched in 2006, with an aim to connect people, devices and networks, Box currently has  more than 25 million users. It offers up to 50 GB of free storage and charges monthly fees of USD 5, USD 15, and USD 35 for additional storage and premium services. Some of Box’s largest clients include Procter & Gamble Co. (NYSE: PG) and Pandora Media Inc. (NYSE: P).

Till date the company has raised a total of USD 414 million in various rounds of funding including the recent USD 100 million in Series F. It is backed by investors such as US Venture Partners, Draper Fisher Jurvetson (DFJ), Andreessen Horowitz, General Atlantic and many more.

The company is known for making high growth of revenues in a short span, at the same time dealing with larger losses. For year ending, January 31, 2013, the revenues were USD 124.2 million, up 111% from previous year’s USD 58.8 million. However, the losses also increased from USD 112.6 million to USD 168.6 million.

As analysed by TechCrunch, at present Box only has USD 108 million in cash and equivalents. Although, it can raise money from private markets but that would only suffice for a year. But an IPO can lead to enough cash for atleast two years in one step.

Dropbox, another cloud storage company, was also speculated a few months back to file for an IPO at a valuation of USD 10 billion.

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