Facebook-backed Indian startup Meesho raises $125 million from Naspers
Social e-commercestartup Meeshohas raised $125 million from Naspers.
- The startup was in the news for being Facebook’s first direct investment in India.
- Meesho has over 2 million ‘social sellers’ across 700 towns in India.
AdvertisementMeesho, the online marketplace raised $125 million funding led by Naspers. The round also saw participation from Facebook and existing investors SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway and former Vodafone Group CEO Arun Sarin.
Meesho is a marketplace for resellers, which connects them with customers via social media channels like WhatsApp and Facebook.
“Our social sellers are small retailers, women, students and retired citizens, with 70% being homemakers who have found financial freedom and a business identity without having to step outside their homes,” said Vidit Aatrey, Meesho Co-Founder and CEO.
One of the investors of this social e-commerce startup is Facebook. It’s the first time that the global giant picked up equity in an Indian startup.
“With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,"
Meesho has over two million ‘social sellers’ across 700 towns in India along with a distribution channel of 15,000 suppliers in traditional manufacturing hubs. Its focus is largely on apparel, home, wellness and electronics items. The startup intends to create 20 million entrepreneurs by 2020.
With the latest investment, Meesho wants to grow its community of women entrepreneurs and also reach out to remote customers of India.
The startup was also a part of the global accelerator programme Y-Combinator. It had earlier raised a funding of $65 million from Sequoia India, DST Partners and Shunwei Capital.
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