Social commerce platformraised $ 570 million to a valuation of $ 4.9 billion. The tour was led by Management and loyalty research company and Group B Capital. The cycle also saw the participation of existing Prosus Ventures investors, SoftBank Vision 2 Fund, and Facebook. Other new investors include Footpath Ventures, Trifecta Capital, Good Capital and others.
With a aim to reach 100 million monthly transactional users by December 2022, Meesho plans to use the new round of funding to multiply by 2.5 its technological and product talents, increase his list of 50+ million products, and become the platform of choice for customers, entrepreneurs and sellers across India.
(left to right): Sanjeev Barnwal and Vidit Aatrey, co-founders, Meesho
Meesho is also looking to expand its grocery and consumer products offerings with Farmiso (Meesho Grocery), its community group purchasing business to more than 200 cities. By making online grocery shopping affordable for first-time users in Indian Tier II markets, the company enables them to shop from a wide selection of grocery stores at prices as low as $ 1 to $ 2.
Vidit Aatrey, Founder and CEO of Meesho, said:
“The next wave of digital consumerism growth in India will undoubtedly come from Bharat. We have always focused our efforts on enabling entrepreneurs in Level II + markets to expand their business and, in turn, improve the small economic pockets of the country. The new cycle brings us closer to realizing our mission to democratize internet commerce for all, increase regional participation in the digital economy, and boost local businesses. “
The company invests in bringing equity to entrepreneurs and consumers in e-commerce by reducing barriers to entry, improving the logistics infrastructure for Level II + markets, and fostering discovery of businesses and hyperlocal products.
With initiatives like zero percent commission, sellers can now earn better profit margins and grow their business, while providing individual entrepreneurs and consumers with access to local products at the lowest prices, the company said.
Vidit added, “The participation of Fidelity Management and Research Company and B Capital Group is a great vote of confidence in our efforts. We will continue to invest in talent to create the best technology and product solutions, while focusing on growth and continuing our efforts to grow our online grocery business, Farmiso. I am confident that we will continue to set new milestones as we enable online success for every Indian business. ”
With a goal of empowering 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce by bringing a range of products and new customers online. What started out as a reseller-driven platform allowing millions of people to sell online, has now become a unique ecosystem connecting sellers to consumers and entrepreneurs.
“We have assessed e-commerce opportunities in emerging markets and are excited about Meesho’s focus on a strong unit economy and consumer-centric approach. We are delighted to partner with Meesho and his exceptional team who are democratizing e-commerce for one billion internet users across the country. Meesho’s business model has an incredibly compelling value proposition with entrepreneurs, end customers and suppliers consolidating on one platform. It quickly established itself as a leading player in this field. Meesho now enables 100 million SMEs in Tier II + cities to sell online, leveraging its digital commerce platform ”, said Kabir Narang, founding general partner of B Capital Group.