Meesho, a social commerce network, has received $570 million at a $4.9 billion valuation. Fidelity Management and Research Company and B Capital Group led the round. Existing investors Prosus Ventures, SoftBank Vision Fund 2, and Facebook also participated in the round. Footpath Ventures, Trifecta Capital, Good Capital, and others are among the new investors.
Meesho is democratising internet commerce by bringing a variety of products and new customers online, with the goal of enabling 100 million small enterprises, including individual entrepreneurs, to prosper online.What began as a reseller-focused platform that allowed millions of people to sell online has evolved into a unified ecosystem that connects merchants, customers, and entrepreneurs.
Commenting on the latest funding Vidit Aatrey, Founder and CEO, Meesho, said, “The next wave of growth in India’s digital consumerism will undoubtedly come from Bharat. We’ve always focussed our efforts on enabling entrepreneurs from Tier II+ markets to expand their business and in turn uplift small economic pockets in the country. The new round brings us a step closer to realising our mission to democratise internet commerce for all, increase regional participation in the digital economy, and add momentum to local businesses.”