Social commerce startup Meesho to raise USD 1 bn at a valuation of USD 8 bn
Taking its valuation to around $8 billion, Meesho, the social commerce startup is finalising a financing round of nearly $1 billion.
The latest fundraising comes after the startup’s valuation doubled to $4.9 billion in September, funded by investors US asset manager Fidelity and B Capital.
Meesho was valued at $2.1 billion in April when it raised $300 million from SoftBank’s Vision Fund.
“The company has doubled its numbers since its last funding round. If they get the numbers right, the valuation may rise beyond $8 billion over $9 billion.” said a senior industry executive. In January-October, Meesho clocked a gross merchandise value (GMV) of around $5 billion, which is twice as compared to January-July.
Meesho offers its platform to small businesses largely led by women to sell on Facebook and WhatsApp. Meesho said it wants to enable 100 million entrepreneurs across several categories to sell on its platform.
Through Farmiso, the company entered the online grocery space this year. Meesho said on its website that it is building a logistics supply chain that will offer the lowest cost service across India.
From August to October 2021, the company witnessed over 57 million downloads across the App Store and the Google Play Store.
In comparison, wealth management company Bernstein said in a recent report that Flipkart, clocked a GMV of around $12.5 billion in the calendar year 2020 while Amazon India flowed close with a GMV of $11.5 billion.
The Vidit Aatrey and Sanjeev Barnwal co-founded company competes with the likes of CityMall and DealShare that operate through a community-based model. Flipkart too entered the space in July, with Shopsy that aims to onboard 25 million entrepreneurs on its platform by 2023.
The latest fundraising comes after the startup’s valuation doubled to $4.9 billion in September, funded by investors US asset manager Fidelity and B Capital.
Meesho was valued at $2.1 billion in April when it raised $300 million from SoftBank’s Vision Fund.
“The company has doubled its numbers since its last funding round. If they get the numbers right, the valuation may rise beyond $8 billion over $9 billion.” said a senior industry executive. In January-October, Meesho clocked a gross merchandise value (GMV) of around $5 billion, which is twice as compared to January-July.
Meesho offers its platform to small businesses largely led by women to sell on Facebook and WhatsApp. Meesho said it wants to enable 100 million entrepreneurs across several categories to sell on its platform.
Through Farmiso, the company entered the online grocery space this year. Meesho said on its website that it is building a logistics supply chain that will offer the lowest cost service across India.
From August to October 2021, the company witnessed over 57 million downloads across the App Store and the Google Play Store.
In comparison, wealth management company Bernstein said in a recent report that Flipkart, clocked a GMV of around $12.5 billion in the calendar year 2020 while Amazon India flowed close with a GMV of $11.5 billion.
The Vidit Aatrey and Sanjeev Barnwal co-founded company competes with the likes of CityMall and DealShare that operate through a community-based model. Flipkart too entered the space in July, with Shopsy that aims to onboard 25 million entrepreneurs on its platform by 2023.
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
