Meesho raises $570 mn at near $5 bn valuation

Meesho operates a marketplace that connects sellers and suppliers with customers on social media platforms.

Social commerce platform Meesho has raised $570 million in a fundraising led by Fidelity Management and Research and Facebook co-founder Eduardo Saverin’s B Capital Group, more than doubling the startup’s valuation to $4.9 billion.

Vidit Aatrey, chief executive of Meesho, said the company will double down on product and technology capabilities following the latest fundraise. (MINT_PRINT)

Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in the round. New investors who participated include Footpath Ventures, Trifecta Capital and Good Capital.

In April, Meesho turned a unicorn, or a company valued at more than $1 billion, after raising $300 million led by Japan’s SoftBank Group Corp. At the time, it was valued at $2.1 billion, a threefold jump from its 2019 valuation of $700 million when it raised $125 million.

Meesho operates a marketplace that connects sellers and suppliers with customers on social media platforms.

Social commerce is growing rapidly in India, led by a rise in the popularity of platforms such as Facebook and WhatsApp. This year, e-commerce major Flipkart entered this category with its Shopsy app.