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.

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