New unicorn: Meesho raises recent $300 m in funding led by SoftBank fund


Suppliers record their product catalogue on the Meesho app, which, in flip, could be offered by particular person entrepreneurs to their contacts by leveraging their community on Fb and WhatsApp.

Social commerce start-up Meesho on Monday stated it has raised a recent $300 million in funding led by SoftBank Imaginative and prescient Fund 2. The funding marks the corporate’s entry into the unicorn membership, valuing it at $2.1 billion.

The social commerce platform was valued at about $700 million in 2019 when it secured $125 million in capital from a clutch of traders.

The newest monetary spherical additionally noticed participation from present traders Prosus Ventures, Fb, Shunwei Capital, Enterprise Freeway and Knollwood Funding, the corporate stated. To this point, Meesho has raised $490 million in funding.

An excellent a part of the recent capital will probably be deployed to create providers aimed toward bringing extra small companies into the digital fold. The agency plans to construct on its platform and introduce insurance policies and instruments that can allow even the smallest of sellers to record and do enterprise on Meesho.

“Meesho’s imaginative and prescient is to allow 100 million small companies to succeed on-line in India. These small companies embody particular person companies owned and run by girls entrepreneurs and home-preneurs,” the corporate stated.

Meesho follows a reselling mannequin. Suppliers record their product catalogue on the Meesho app, which, in flip, could be offered by particular person entrepreneurs to their contacts by leveraging their community on Fb and WhatsApp.

Based in 2015, the agency claims to have helped over 13 million particular person entrepreneurs to begin their very own on-line companies.

Founder & CEO Vidit Aatrey stated the corporate’s base of month-to-month transacting entrepreneurs have grown almost 10 occasions whereas month-to-month orders have grown virtually six occasions over the past 12 months. Aatrey stated the 13 million girls entrepreneurs have been in a position to join with greater than 100,000 suppliers to succeed in almost 50 million clients throughout 4,800 cities via Meesho.

A part of the funds may even be used to rent extra employees throughout classes, together with tech, product, and enterprise.

Meesho competes with gamers like DealShare, Shop101 and Glowroad within the house.

Indian social commerce, which is a $1.5-2 billion market right this moment (when it comes to GMV), is estimated to be price as a lot as $20 billion in simply 5 years — and can probably hit almost $70 billion by 2030, in line with analysts at Bain & Firm. Greater than 50% of shoppers for social commerce gamers come from tier two cities and past.

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