Voice of Shahi Youths 25 march 2017.

Fire has erupted in a bookstore building located in Gongabu, Kathmandu at 4.30 pm on Saturday.

The locals and security personnel have already doused 80 percent of the fire using the fire engine, ASI Bhayaram Shrestha at Nepal Police Beat in Gongabu informed.

The details of the incident are yet to be identified since the inquiry into the fire incident is under way.

Sagoon Inc., a US-based social commerce startup founded by a Nepali, has said that it has become second largest company in terms of number of retail investors.

According to a statement issued by the social commerce platform, it has already raised $2.18 million from 2,338 retail investors as part of its public offering (mini IPO) to collect $20 million.

Addressing the public on Facebook live on Sunday, Govinda Giri, the founder and CEO of Sagoon, said that the company has become second largest company in terms of stake of retail investors.

Giri also announced that the company is closing its mini IPO funding round on March 27.

The “Mini-IPO” is a media term that is used for Regulation A+, a new US securities law that makes it legal for the general public to invest in a private growth-stage company before the company’s stocks are publicly traded.

Earlier, Elio Motors had raised $17 million before collecting $1.2 billion on IPO.

He also said that public has got the investment opportunity in the initial stage of a company for the first time after 80 years in the history of the US capital market.

Public had not got opportunity to make investment in the initial stage in companies like Facebook, Google and Snapchat, among others, as venture capitalists and other institutional investors were having stake in such companies.

“As we decided to raise the money from public in the initial stage of the company, we gave priority to nearly 4 million Nepalese living abroad to make investment,” added Giri, an immigrant from Nepal who set up the social commerce platform.

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