Meesho, a Bangalore-based social commerce startup, has raised $125 million in a brand new financing spherical to broaden its enterprise within the nation and alter the best way thousands and thousands store on-line.
The Sequence D spherical was led by Naspers, and current traders SAIF, Sequoia, Shunwei Capital, RPS and Enterprise Freeway collaborating as effectively. Fb additionally participated within the spherical, so did Arun Sarin, former CEO of Vodafone Group. The four-year-old startup has raised $190 million so far.
Meesho is a web-based market that connects sellers with clients on social media platforms akin to WhatsApp, Fb, and Instagram. The startup claims to have a community of greater than 2 million resellers from 700 cities who largely cope with attire, residence home equipment and electronics gadgets.
These resellers are largely homemakers, most of whom have bought a smartphone for the primary time lately. Eighty % of Meesho’s person base is feminine.
Meesho mentioned the startup will use the recent capital to broaden its attain within the nation and add as many as 18 million new sellers by finish of subsequent yr. “The most recent funding can even strengthen Meesho’s intention to develop its group of girls entrepreneurs who’ve dreamt of operating their very own companies however lacked the funds and experience to take action,” the corporate mentioned.
Greater than 90% of companies in India are nonetheless offline and unorganized. Meesho is attempting to get these companies, most of whom don’t have working capital to allow their very own on-line presence, promote on-line, Vidit Aatrey, Meesho co-founder and CEO, informed TechCrunch in an interview.
“I’m significantly proud that Meesho has lower throughout gender, training ranges, threat appetites and vocations to create livelihoods for individuals with no funding of their very own. Our social sellers are small retailers, girls, college students and retired residents, with 70% being homemakers who’ve discovered monetary freedom and a enterprise id with out having to step exterior their properties,” mentioned Aatrey.
Meesho App: Made in India, Made for India, Fixing for the Actual India. Thanks Google Play for the gorgeous recognition. 👌 https://t.co/6j6IrYm8ds
— Vidit Aatrey (@viditaatrey) August 10, 2019
Meesho additionally plans to make use of the brand new funds to additional bulk up its know-how platform to accommodate new product strains.
“The exceptional progress they’re already experiencing reveals that Meesho has hit a candy spot out there and is well-poised to serve the following 500 million web shoppers within the nation,” mentioned Ashutosh Sharma, Head of India Investments, Naspers Ventures, in a press release.