Facebook-Backed Indian Social Commerce Platform Meesho Raises $570Million

Meesho, an Indian “social commerce” platform backed by Facebook and SoftBank Group, mentioned on Thursday it had raised $570 million (roughly Rs. 4,230 crores) in a funding spherical led by Fidelity Management & Research Company and B Capital Group.

The newest funding spherical values the corporate at $4.9 billion (roughly Rs. 36,400 crores), Meesho mentioned in an announcement. “Existing buyers Prosus Ventures, SoftBank Vision Fund 2 and Facebook additionally participated on this spherical,” the corporate added.

Founded in 2015 by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, the platform gives social media customers merchandise to promote – starting from garments to cosmetics – and takes a minimize from precise gross sales.

The firm additionally gives logistics and fee instruments to sellers.

In the 5 months since Meesho’s earlier fundraise, each month-to-month orders and month-to-month transacting customers have practically tripled, the corporate mentioned.

Indian startups have been on a tear in 2021, with a number of corporations getting into the unicorn or $1 billion (roughly Rs. 7,430 crores) membership, whereas different high-profile names together with meals supply app Zomato and digital funds firm Paytm itemizing or pursuing a debut on home inventory exchanges.

© Thomson Reuters 2021

---