as i said before, this is a start-up with a scale-or-bust strategy. it is burning a$2.5m/month, with a 12 month runaway before its a$38m runs out. while a long way from being amazon, its mktcap/sales are <1x (amazon at 3x) suggesting at these levels, valuations are cheap by any means for either a start-up or any e-commerce play.
Ann: Appendix 4C - quarterly, page-27
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