Meesho raises $570 mn and its valuation doubles to $4.9 bn
Published On: Thursday, September 30, 2021 | By: Team KnowMyStock
Social commerce startup Meesho today(30th Sept.2021) said that it has raised $570 million led by Fidelity Management & Research Company and B Capital Group, a venture capital firm co-founded by Facebook co-founder Eduardo Saverin. Existing investors Prosus Ventures, SoftBank Vision Fund 2, and Facebook also participated in this round. Other new investors include Footpath Ventures, Trifecta Capital and Good Capital, and others. Following the rise, the company’s valuation has more than doubled to $4.9 billion in less than five months. Meesho aims to reach 100 million monthly transacting users by December 2022. It expects to utilise the fresh round of funding to grow its technology and product talent by 2.5x, increase its roster to over 50 million products, and become the platform of choice for customers, entrepreneurs, and sellers from all corners of India.
Meesho is also looking to expand its groceries and FMCG (fast-moving consumer goods) offerings with Farmiso (Meesho Grocery), its community group buying business to over 200 cities. By making online grocery shopping affordable for first-time users across India’s Tier 2 markets, the company is enabling them to shop from a wide selection of groceries at ticket sizes as low as $1-2.
Meesho is competing with other social commerce firms and startups such as DealShare, BulBul, GlowRoad, Mall91, and simsim. E-commerce firm Flipkart is also betting big on social commerce, which is the use of social network communities to drive e-commerce sales.
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