Meesho raises $125 mn in funding round led by Naspers

Social Commerce Startup Meesho Raises $125M In New Funding Round Led By Naspers

Meesho raises another $100 Mn in Series D round led by Naspers

It invested in Tencent and Flipkart, and it led a United States dollars 1 billion funding round in the India-based online food company Swiggy in December 2018.

Snapdeal, recently raised an undisclosed amount of personal investment from Anand Piramal, executive director of Piramal Group, an Indian conglomerate, also zero in on India's small-town e-commerce scene after its resurgence.

Now, the round has been extended with another $100 million being poured in by South African tech conglomerate Naspers - the lead, and other existing investors including Shunwei Capital, RPS Ventures, SAIF Partners, and Venture Highway.

JSE-listed technology giant Naspers is leading a $125-million (R1.9 billion) funding round in Indian "social commerce" marketplace Meesho in a bid to "kick-start e-commerce for the next 500 million online shoppers". The company also provides logistics and payment tools.

In a statement on Monday, Meesho said it has a network of more than two million social sellers in 700 towns across India.

Meesho describes itself as a "social commerce online marketplace" that "enables independent resellers to build small businesses by connecting them with suppliers to curate a catalog of goods and services to sell".

The new investment will enable the company expand its services outside India's major metro regions by creating more entrepreneurs.

Meesho also said that this fund raise will help it grow its community of women entrepreneurs who have dreamt of running their own businesses but lacked the funds and expertise to do so.

Founded by IIT Delhi alumni Vidit Aatrey and Sanjeev Barnwal in 2015, Meesho has created an alternate distribution channel by empowering housewives, young mothers, aspiring entrepreneurs, students, and teachers, to launch, build, and promote their online businesses using WhatsApp, Facebook, Instagram, and other social media channels. Its focus is largely on apparel, home, wellness and electronics items.

Vidit Aatrey, co-founder and CEO of Meesho, said, "I am particularly proud that Meesho has cut across gender, education levels, risk appetites, and vocations to create livelihoods for people with no investment of their own".

"We were attracted to Meesho because the team has built a uniquely Indian solution that utilises the reach and scale the internet enables, and harnesses and makes it available for small sellers to better serve customers no matter where they live, for the benefit of all", said Sharma.

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