Social commerce platform Meesho on Monday stated it has raised USD 300 million (about Rs 2,201.7 crore) in a funding spherical led by SoftBank Vision Fund 2.
The newest funding values Meesho at USD 2.1 billion and noticed participation from present buyers — Prosus Ventures, Facebook, Shunwei Capital, Venture Highway and Knollwood Investment, a press release stated.
Meesho will use the funds to strengthen its expertise pool throughout verticals — tech, product, and enterprise, amongst others, it added. “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,” Meesho founder and CEO Vidit Aatrey stated.
Meesho is targeted on increasing its imaginative and prescient — from serving to aspiring girls entrepreneurs to creating Meesho as a single ecosystem that can allow all small companies in India to succeed on-line, he added.
“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,” Aatrey stated.
India has about 60 million micro, small and medium enterprises (MSMEs) at the moment. Meesho’s imaginative and prescient is to allow 100 million small companies together with particular person entrepreneurs to succeed on-line in India.
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 the smallest of sellers to listing and do enterprise on Meesho, empowering small enterprise house owners to succeed in clients by way of all on-line channels.
“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,” Munish Varma, Managing Partner at SoftBank Investment Advisers, stated.
Over the final six years, Meesho has enabled over 13 million particular person entrepreneurs to begin their very own on-line companies, bringing the advantages of e-commerce to greater than 45 million clients within the nation. Till date, the corporate has delivered orders from one lakh registered suppliers.
“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 personalised experience to consumers,” Sumer Juneja, Partner at SoftBank Investment Advisers, stated.