Social commerce startup Meesho raises a fresh round of funding worth amount $570 Mn at a valuation close to $5 Billion. According to reports, the new investment round is led by US-based social media giant Facebook and Softbank investment firm.
Next Big Brand first one to break this news — Fidelity Management and B Capital pumped in the amount, where as existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also joined the funding round.
Founded by IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal in 2015, Meesho became the first social commerce unicorn in April 2021. The startup was amongst the five other Indian startups that attained unicorn status. Already Facebook-backed Meesho raised $300 Mn in a funding round led by SoftBank and participation from Prosus Ventures, Facebook, Shunwei Capital, Venture Highway, and Knollwood Investment at $2.1 Bn valuation.
Meesho declares to have over 13 Mn individual small business owners on its platform and caters to 45 Mn customers. To date, Meesho has delivered orders from more than 100K listed suppliers to over 26K pin codes across 4,800 cities, making over INR 500 Cr ($68 Mn at current exchange rate) in earnings for individual suppliers and retailers.
The unicorn startup is supported by marquee investors such as Elevation Capital, Sequoia, Shunwei Capital, SoftBank, and Venture Highway.
Meesho is now the dominant player in India’s burgeoning social commerce range, allowing small enterprises, a bulk of which are headed by women, to sell goods on social media channels like WhatsApp and Facebook.