Our company had just transitioned from social networking to social commerce, and was starting to build out features like a shopping cart, product listings, etc.

Our company had just transitioned from social networking to social commerce, and was starting to build out features like a shopping cart, product listings, etc. So the valuation was mostly hand-waiving based on the fact that we were the most recognized e-commerce brand in the region, despite not really being an e-commerce business yet. We were doing about half a billion in annual GMV but none of it monetized yet.