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Meesho, an Indian “social commerce” platform backed by Fb and SoftBank Group, stated on Thursday it had raised $570 million (roughly Rs. 4,230 crores) in a funding spherical led by Constancy Administration & Analysis Firm and B Capital Group.
The newest funding spherical values the corporate at $4.9 billion (roughly Rs. 36,400 crores), Meesho stated in an announcement. “Present buyers Prosus Ventures, SoftBank Imaginative and prescient Fund 2 and Fb additionally participated on this spherical,” the corporate added.
Based in 2015 by Indian Institute of Know-how graduates Vidit Aatrey and Sanjeev Barnwal, the platform provides social media customers merchandise to promote – starting from garments to cosmetics – and takes a reduce from precise gross sales.
The corporate additionally offers logistics and fee instruments to sellers.
Within the 5 months since Meesho’s earlier fundraise, each month-to-month orders and month-to-month transacting customers have practically tripled, the corporate stated.
Indian startups have been on a tear in 2021, with a number of corporations coming 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
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