Meesho introduced that it has raised USD 300 million in a brand new spherical of funding led by SoftBank Vision Fund 2*. The newest funding values Meesho at USD 2.1 billion and noticed participation from current buyers — Prosus Ventures, Facebook, Shunwei Capital, Venture Highway and Knollwood Investment.
India has about 60 million micro, small and medium enterprises (MSMEs) presently. Meesho’s imaginative and prescient is to allow 100 million small companies together with particular person entrepreneurs to succeed on-line in India. These small companies embrace particular person companies owned and run by ladies entrepreneurs and homepreneurs who’ve change into financially unbiased and profitable over time by means of Meesho, and have carved out their very own identities.
Aligning with the brand new imaginative and prescient, Meesho goals to simplify e-commerce for all small companies in India. It will assist the corporate to construct a platform which is pro-small companies with insurance policies and instruments to assist even the smallest of sellers to listing and do enterprise on Meesho. This will empower small enterprise homeowners to achieve clients by means of all on-line channels.
Commenting on the fund elevate Vidit Aatrey, Founder & CEO of Meesho stated, “We take pride at the rate of speed and the scale at which Meesho has grown, positively impacting millions of lives, and creating exponential learning along the way. With the new round of funding, we are extremely thrilled to have SoftBank onboard. We are focused on expanding our vision — from helping aspiring women entrepreneurs to creating Meesho as a single ecosystem that will enable all small businesses in India to succeed online. In the last one year, we have seen tremendous growth across small businesses and entrepreneurs seeking to move their businesses online. And with our new vision we will enable 100 million small businesses to start, succeed and lead their operations online with Meesho as their partner in their journey.”
The firm has grown over time with a tech-first mindset that solves for a billion customers (customers, particular person entrepreneurs and small companies). Our distinctive staff, pushed by immense autonomy and first-principles pondering has performed a vital function in reaching wonderful objectives and making us a class creator. Meesho will use the brand new fund elevate to strengthen its expertise pool throughout verticals — tech, product, and enterprise, amongst others.
Munish Varma, Managing Partner at SoftBank Investment Advisers, stated, “Globally, SoftBank has always been excited to back founders that provide unique solutions for the local market. 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. We look forward to being a part of this journey.” Sumer Juneja, Partner at SoftBank Investment Advisers, added: “We have been closely tracking Meesho for the last 18 months and have been impressed by its growth, daily engagement metrics, focus on unit economics and ability to create a strong team. We believe Meesho provides an efficient platform for SME suppliers and social resellers to onboard the e-commerce revolution in India and help them provide personalized experience to consumers.”
Over the final six years, Meesho has efficiently enabled over 13 million particular person entrepreneurs to begin their very own on-line companies with zero funding, bringing the advantages of e-commerce to greater than 45+ million clients within the nation. Till date the corporate has delivered orders from 100Ok+ registered suppliers to over 26,000 pin codes in additional than 4,800 cities, producing over 500 crore in revenue for particular person entrepreneurs and serving clients in additional than 4,500 Tier 2+ cities — actually bringing e-commerce to Bharat.
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