Etsy allows its sellers to accept payments in person using a mobile credit card reader.
Etsy allows its sellers to accept payments in person using a mobile credit card reader.

Etsy may go public as soon as this quarter, with plans to raise up to $300 million, reports Bloomberg, citing a source familiar with the deal.

If the report is true, the online retailer, known for selling arts and crafts, would be the first major e-commerce company to go public this year. In 2014, e-commerce companies raised a jaw-dropping $29 billion in IPOs, mostly thanks to Alibaba, which raised all but $4 billion of that.

Etsy, which is based in Brooklyn, New York, declined to comment on Bloomberg’s report.

This set of booties is made by Etsy member Iamamother in Turkey.
Etsy member Iamamother is selling this set of homemade booties from her home in Turkey.

The company’s business model more closely resembles eBay than Amazon because it operates a marketplace, where sellers hawking crafts or homemade goods are connected with buyers seeking something a little different.

A quick look at today’s trending items reveals a coin purse shaped like a cat and a set of knitted booties for a new mom and her young son or daughter.

The 10-year-old company posted $1.35 billion in gross merchandise sales in 2013, up from a couple hundred million in 2009, according to its website.

Etsy’s marketplace, which currently has 26 million listings, includes a 20 cent fee for each item listed and a 3.5 percent fee for each sale. Additional revenue comes from seller services, including advertising, payment processing and discounted shipping labels.

The company has been profitable since 2009 and has raised $92 million in funding to date, according to BusinessInsider. A prospectus containing more financial details could be filed as soon as this month.

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