Meesho Indian 'Social Commerce' Platform Backed by Facebook Raises $570 Million

Meesho offers social media users products to sell — ranging from clothes to cosmetics — and takes a cut from actual sales.

By Reuters | Updated: 30 September 2021 16:29 IST

Meesho Indian 'Social Commerce' Platform Backed by Facebook Raises $570 Million

Photo Credit: Twitter/ @meeshoapp

The latest funding round values Meesho at $4.9 billion (roughly Rs. 36,400 crores)

Highlights

Meesho was founded in 2015
The company provides logistics and payment tools to sellers
Indian startups have been on a tear in 2021

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

The latest funding round values the company at $4.9 billion (roughly Rs. 36,400 crores), Meesho said in a statement. "Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round," the company added.

Yes, we did it again! ????????????
Thrilled to announce that we have raised $570M in our largest round yet. ????
(1/3)#Meesho #LifeAtMeesho #SeriesF https://t.co/JTIXWUpyqc
— Life@Meesho (@meeshoapp) September 30, 2021

Founded in 2015 by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, the platform offers social media users products to sell - ranging from clothes to cosmetics - and takes a cut from actual sales.

The company also provides logistics and payment tools to sellers.

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In the five months since Meesho's previous fundraise, both monthly orders and monthly transacting users have nearly tripled, the company said.

Indian startups have been on a tear in 2021, with several companies entering the unicorn or $1 billion (roughly Rs. 7,430 crores) club, while other high-profile names including food delivery app Zomato and digital payments company Paytm listing or pursuing a debut on domestic stock exchanges.

Facebook Backs Indian E-Commerce Startup Meesho

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