Social commerce platform Meesho continues to leverage its strong (albeit controversial) growth numbers to announce a new funding round of $570 million. The salary increase is valued at an astonishing $4.9 billion, more than twice the value of Meesho in just six months. This latest Series F funding round was led by Fidelity Management and Eduardo Saverin’s B Capital.
Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook have joined. Other new investors added include Pavement Ventures, Trifecta Capital and Good Capital.
The round will happen after 6-year-old Misho becomes a unicorn in April (worth $2.1 billion after raising $300 million). Since then, Meesho has claimed to have tripled order volumes, adding several new product categories such as sports and fitness, pet supplies, and automotive accessories. For now, it will double the capabilities of the technology and products.
Headquartered in Bangalore, Meesho is known for helping small businesses and individuals launch online stores through social media channels such as WhatsApp, Facebook and Instagram. Its three-way market operates with suppliers, resellers and customers. The supplier sells products to resellers, who then sell them to customers and earn a commission on each transaction. The startup plans to reach 100 million monthly trading users by December 2022 and triple its technical and product teams in the next 12-18 months.
Social media has been beneficial for businesses to operate, especially when the pandemic has forced people to digitize. It allows you to reach millions of customers with the click of a button. The immense popularity of social media in India is driven by Facebook, WhatsApp and Instagram, and is the key to the growth of social commerce in the world’s second largest internet market. Misho has come a long way. It has over 13 million resellers, 45 million customers and over Rs 10,000.
“We value e-commerce opportunities in emerging markets and are excited that Meesho is focusing on strong entity economics and a consumer-first approach. We are a billion across the country. We are excited to partner with Meesho and its excellent team to democratize e-commerce for an internet user. Meesho’s business model integrates entrepreneurs, end customers and suppliers into a single platform. Kabir Narang, Founder General Partner, B Capital Group said, “We also have a very attractive value proposition.
Social commerce unicorn Meesho raises $570 million at $4.9 billion valuation
Source Link Social Commerce Unicorn Meesho Raises $570 Million at a $4.9 Billion Valuation