Meesho said on Tuesday it has raised $300 trillion in a new financing round shaped led by SoftBank Ideal Fund 2 as the Native american indian social commerce startup works to become the “single environment that will enable all small business to succeed online. ”
The new round — a Series E — gives the five-year-old startup a valuation of $2. 1 billion, up from about $600 million in 2019 Series D investment. The Indian startup, which has raised all-around $490 million to date, reported existing investors Facebook, Prosus Ventures, Shunwei Capital, Mission Highway, and Knollwood Financial also participated in the contemporary round.
Bangalore-based Meesho operates an eponymous online marketplace that connects sellers with customers on social media platforms such as WhatsApp, Facebook and Instagram. The startup claims to have a network of more than 13 million entrepreneurs, a majority of whom are women, from hundreds of Indians towns who largely deal with apparel, home appliances and electronics items.
< a href="https://meesho.com"> Meesho said it’d deploy the fresh capital that needs to 100 million individuals and as well , small businesses in the country to sell online. “In the last one year, we’ve seen tremendous growth across small businesses and entrepreneurs who wish to move their businesses via internet, ” said Vidit Aatrey, co-founder and chief executive involved with Meesho, in a statement.
“We have been near tracking Meesho for the last 18 months and have been impressed by their production, daily engagement metrics, provide for unit economics and capability to create a strong team. We believe Meesho provides an excellent platform for SME makers and social resellers so that you can onboard the e-commerce riot ? uprising ? ? ? rioting in India and help these people provide personalized experience so that it will consumers, ” said Sumer Juneja, partner at SoftBank Investment Advisers, in a assertion.
In a previous report, UBS analysts regarded social commerce and business-to-business marketplaces as potential resources of competition to e-commerce organizations such as Amazon and Flipkart in India.
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