Meesho raises $300 million in new funding round
E-commerce platform Meesho has announced that it has raised $300 million (Rs 2,198 crore) in a new round of funding led by SoftBank Vision Fund, giving the marketplace a valuation of $2.1 billion. The funding round saw participation from existing investors Prosus Ventures, Facebook, Shunwei Capital, Venture Highway, and Knollwood Investment.
The company plans to utilise the funds to expand further outside India’s major metropolitan regions, reaching remote customers not serviced by traditional e-commerce marketplaces. Meesho also plans to extend its platform to accommodate new product lines.
Commenting on the fundraise, Vidit Aatrey founder and CEO of Meesho, in a statement said: “With the new round of funding, we are extremely thrilled to have SoftBank onboard. 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.”
Munish Varma, managing partner at SoftBank Investment Advisers, added: “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.”
Meesho claims to have delivered orders from over 1 lac registered suppliers to over 26,000 pin codes in more than 4,800 cities.
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