Social commerce startup Meesho has raised $570 million led by Fidelity Management and Eduardo Saverin’s B Capital Group. The company has also added new investors to its cap table including Footpath Ventures, Trifecta Capital and Good Capital. In addition, existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in the round.
The valuation of the company after this financing round is estimated at $4.9 billion, which is more than double what it was six months ago. According to the report of a web portal, Meesho is planning to reach 100 million monthly transaction users by December 2022. The company plans to use the new funds to grow its technology and product talent by 2.5X and grow its roster to over 50 million products.
Meesho has said that it is looking to expand its groceries and FMCG offerings with Farmiso, its community group buying the business, to over 200 cities. “By making online grocery shopping affordable for first time users in India’s Tier 2+ markets, the company allows them to shop from a wide selection of grocery items in ticket sizes up to $1-2,” Meesho said in a statement.”
The company has claimed that it has registered a 2.5X increase in order volume and has added a range of new product categories such as Sports & Fitness, Pet Supplies and Automotive Accessories. Meesho is a leader in the social commerce marketplace for unbranded products. The company claims to have enabled over 13 million individual entrepreneurs and over 45 million customers in the country as of April.