Indian social commerce app Meesho newest to affix the unicorn membership

Bangalore-based social commerce startup Meesho Inc. has raised $300 million in new funding led by SoftBank Group Corp.’s Vision Fund 2, valuing the startup at $2.1 billion.

Existing traders like Prosus Ventures and Facebook Inc. additionally participated within the contemporary funding spherical, which provides a brand new member to a rising coterie of Indian unicorns, or startups valued at greater than a billion {dollars}. Meesho, which operates a web-based gross sales platform for micro, small and medium companies throughout India, will use the funds to “strengthen its expertise pool” throughout all areas, together with expertise, product and enterprise.

“SoftBank has at all times been excited to again founders that present distinctive options for the native market,” said Munish Varma, managing partner at SoftBank Investment Advisers. “By using the power of artificial intelligence and machine learning, Meesho has created a platform for many small business owners to sell to the next cohort of internet users.”

SoftBank founder Masayoshi Son has constantly pressured the transformative potential of AI to drive innovation and enterprise alternative. His second Vision Fund was unsure a 12 months in the past amid losses at its predecessor from investments within the likes of WeWork and Uber Technologies Inc., however enhancements among the many agency’s portfolio firms since then have offered him with the arrogance and capital to renew investing aggressively in growing startups.

Meesho serves over 13 million particular person entrepreneurs in serving to them begin on-line companies. The software program developer has delivered orders from greater than 100,000 registered suppliers to over 4,800 cities, pursuing a method of taking e-commerce to smaller cities and cities past the metropolitan areas already coated by the massive on-line retailers.

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