E-commerce platform Meesho has raised $300 million (Rs 2,198 crore) in a new round of funding led by SoftBank Vision Fund at a valuation of $2.1 billion. As per Fashion Network, the unding round saw participation from existing investors Prosus Ventures, Facebook, Shunwei Capital, Venture Highway, and Knollwood Investment.
The company plans to utilize the funds to expand further outside India’s major metropolitan regions, reaching remote customers not serviced by traditional e-commerce marketplaces. Meesho also plans to extend its platform to accommodate new product lines.
Meesho claims to have delivered orders from over 1 lac registered suppliers to over 26,000 pin codes in more than 4,800 cities. It is an Indian-origin social commerce platform founded by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December 2015. It enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook, Instagram etc.