Boxed, Inc., an e-commerce grocery platform that sells bulk consumables and licenses its e-commerce software to enterprise retailers, has revealed its stock will be added to the Russell 2000 Index, effective as of market open on June 27.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity market. Membership in the Russell 2000 Index, which remains in place until the next reconstitution, is based on membership in the broad market Russell 3000 Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a global index provider.
Boxed merged with Seven Oaks Acquisition Corp. on Dec. 8, enabling the company to raise approximately $198 million in gross cash proceeds.
Chieh Huang, co-founder and CEO of New York-based Boxed, commented, “The addition of Boxed to the Russell 2000 Index is indicative of further momentum following our successful business combination in December. We believe being a part of these highly regarded and widely used indexes will bring greater awareness to Boxed as we work to achieve our growth potential.”
Inflation-wary consumers turning to bulk products recently helped propel Boxed to a solid first quarter. Boxed boosted its net revenue by 14.1% compared to a year ago to reach $46.6 million. The platform’s retail net revenue rose 11.3% on a year-over-year basis and net revenue from its software and services arm surged 127.1% in that same period.
With no “big-box” store membership required, Boxed’s bulk pantry consumables delivery service is powered by the company’s own purpose-built storefront, marketplace, analytics, fulfillment, advertising and robotics technologies. Boxed also operates its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology.