Meesho, an Indian e-commerce company, has raised $ 570 million in funding
01 October 2021, Mumbai:
Bengaluru-based Fidelity Management & Research Company and B Capital Group led a $ 570 million (about Rs. 4,235.2 crores) financing round for India's largest social commerce platform Meesho. In less than five months, the company's valuation has more than doubled to the US $ 4.9 billion.
This round included existing investors Prosus Ventures, SoftBank Vision Fund 2, and Facebook. Footpath Ventures, Trifecta Capital, Good Capital, and others are among the new investors. Meesho stated in a statement that in the five months since the last round of investment, it has seen 2.5 times rise in order volume and added a variety of new product categories to its roster, including sports and fitness, pet supplies, and car accessories.
The firm plans to expand into India's neglected markets, aiming to become the preferred e-commerce destination for the country's next billion consumers.
According to a statement released by the company, "Meesho expects to use the fresh round of funding to grow its technology and product talent by 2.5 times, increase its roster to over 50 million products, and become the platform of choice for customers, entrepreneurs, and sellers from all corners of India by December 2022."
Farmiso (Meesho Grocery), the company's community group buying operation that operates in more than 200 communities, is also aiming to expand its grocery and FMCG products.
“The next wave of growth in India's digital consumption will certainly come from Bharat,” Meesho founder and CEO Vidit Aatrey stated. We've always aimed to help entrepreneurs in Tier-2+ markets develop their businesses and, as a result, strengthen tiny economic pockets across the country.”
While concentrating on development and growing its online grocery business, Farmiso, the firm will continue to invest in people to produce best-in-class tech and product solutions.
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