Meesho raises Rs 2,200 cr in funding led by SoftBank

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Meesho raises Rs 2,200 cr in funding led by SoftBank

Homegrown social commerce platform Meesho on Monday introduced it has raised $300 million (over Rs 2,200 crore) in a brand new spherical of funding led by SoftBank Vision Fund 2, taking its valuation to $2.1 billion. Meesho mentioned it goals to construct a single digital ecosystem for 100 million small companies and rent one of the best expertise within the trade.

“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,” mentioned Vidit Aatrey, Founder and CEO of Meesho.

“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,” he mentioned in an announcement.

Over the final six years, Meesho has enabled over 13 million particular person entrepreneurs to start out their very own on-line companies with zero funding, bringing the advantages of e-commerce to greater than 45 million clients within the nation.

To date, the corporate has delivered orders from greater than 100,000 registered suppliers to over 26,000 pin codes in additional than 4,800 cities, producing over 500 crore in earnings for particular person entrepreneurs.

The present spherical noticed participation from current traders — Prosus Ventures, Facebook, Shunwei Capital, Venture Highway and Knollwood Investment.

“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,” mentioned Munish Varma, Managing Partner at SoftBank Investment Advisers.

“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,” added Sumer Juneja, Partner at SoftBank Investment Advisers.

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