Bangalore: Internet Commerce Forum misho has raised $570 million in a funding round led by Fidelity Management & Research Company and B Capital Group.
existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in the round. Other new investors include sidewalk enterprise, Trifecta Capital, good capital, and others.
The funding values the company at $4.9 billion.
Meesho is leveraging India’s unorganized retail sector, estimated to be worth $792 billion, to connect buyers with far-flung retailers across categories.
“We want to democratize Internet commerce. The first e-commerce wave served brands on the supply side and some customers on the demand side. We are reducing entry barriers – we don’t charge any commissions or registration fees. With a goal of reaching 100 million monthly transacting users by December next year, we are looking to use the new round of funding to nearly triple our technology and product talent and grow our roster to 50 million products. expect. known atre, Founder and CEO, Meesho.
Its revenue comes from allied services such as advertising, pricing tools, inventory management and logistics, he said. It has 3 lakh sellers on the platform.
Meesho is looking to expand its grocery and FMCG offerings with Farmiso (Meesho Grocery), its community group buying business, in over 200 cities.
Within five months of the last round of funding, Meesho recorded a two-and-a-half-fold increase in order volume and added several new product categories, including sports and fitness, pet supplies and automotive accessories.
Atre said, “The next wave of growth in India’s digital consumerism will undoubtedly come from India. We have always focused our efforts on enabling entrepreneurs from Tier 2 markets to expand their business and scale up small economic sectors in the country. has done.”
The company is improving logistics infrastructure for Tier 2 markets, and promoting discovery of hyperlocal businesses and products.
“We have evaluated e-commerce opportunities in emerging markets and are excited about Meesho’s focus on strong unit economics and consumer-first approach,” said Kabir Narang, Founder General Partner, B Capital Group.
existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in the round. Other new investors include sidewalk enterprise, Trifecta Capital, good capital, and others.
The funding values the company at $4.9 billion.
Meesho is leveraging India’s unorganized retail sector, estimated to be worth $792 billion, to connect buyers with far-flung retailers across categories.
“We want to democratize Internet commerce. The first e-commerce wave served brands on the supply side and some customers on the demand side. We are reducing entry barriers – we don’t charge any commissions or registration fees. With a goal of reaching 100 million monthly transacting users by December next year, we are looking to use the new round of funding to nearly triple our technology and product talent and grow our roster to 50 million products. expect. known atre, Founder and CEO, Meesho.
Its revenue comes from allied services such as advertising, pricing tools, inventory management and logistics, he said. It has 3 lakh sellers on the platform.
Meesho is looking to expand its grocery and FMCG offerings with Farmiso (Meesho Grocery), its community group buying business, in over 200 cities.
Within five months of the last round of funding, Meesho recorded a two-and-a-half-fold increase in order volume and added several new product categories, including sports and fitness, pet supplies and automotive accessories.
Atre said, “The next wave of growth in India’s digital consumerism will undoubtedly come from India. We have always focused our efforts on enabling entrepreneurs from Tier 2 markets to expand their business and scale up small economic sectors in the country. has done.”
The company is improving logistics infrastructure for Tier 2 markets, and promoting discovery of hyperlocal businesses and products.
“We have evaluated e-commerce opportunities in emerging markets and are excited about Meesho’s focus on strong unit economics and consumer-first approach,” said Kabir Narang, Founder General Partner, B Capital Group.
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