Facebook-backed Indian social commerce platform Meesho on Monday announced that it has secured $300 million in its latest round of funding led by SoftBank Vision Fund 2*. The latest investment has trebled its valuation to $2.1 billion from $700 million. The capital-raising exercise also makes Meesho the fourth Indian startup to enter the coveted unicorn club with a valuation exceeding $1 billion. Others which have joined the top league include insurance tech platform Digit, Innovaccer, a health tech platform and Infra market, an online marketplace for construction material.
The Bangalore-based startup said existing investors Facebook, Prosus Ventures, Shunwei Capital, Venture Highway, and Knollwood Investment also participated in the new round. The Indian startup, which has raised about $490 million to date, is working to develop the “single ecosystem that will enable all small businesses to succeed online.” The company runs an eponymous online marketplace that enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook, Instagram.
Founded by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December 2015, the company claims to have network of more than 1.3 crore entrepreneurs, a majority of whom are women, from hundreds of Indians towns who largely deal with apparel, home appliances and electronics items.
The five-year-old start-up now aims to enable 100 million small businesses and entrepreneurs digitise their businesses as it expands the scope of its business, while investing heavily in hiring and growing its team across technology, product and business functions among others.
Commenting on the fund raise Vidit Aatrey, Founder & CEO of Meesho said, “We take pride at the rate of speed and the scale at which Meesho has grown, positively impacting millions of lives, and creating exponential learning along the way. With the new round of funding, we are extremely thrilled to have SoftBank onboard. We are focused on expanding our vision — from helping aspiring women entrepreneurs to creating Meesho as a single ecosystem that will enable all small businesses in India to succeed online.”