Bengaluru-based social commerce startup Meesho has raised ₹370 crores ($50 million) in a series C round of funding. The latest development will value the social platform between ₹1480 to ₹1850 crores ($200 to $250 million), as per an Economic Times report.
New investors including Yuri Milner’s DST Partners, RPS Ventures, a fund set up by SoftBank’s executive Kabir Mishra and Shunwei Capital participated in the round. Existing investors including SAIF Partners, Sequoia India, Venture Highway and Y-Combinator also invested in the startup.
Meesho allows entrepreneurs, students and housewives startup, build and grow their businesses through its social selling platform. Users can promote their online businesses using WhatsApp, Facebook and other social channels.
The startup has enabled benefits to over 20,00,000 social sellers across more than 500 cities and towns. Meesho has created a market for itself which was earlier did not exist. Meesho plans to utilize the fresh capital to scale the technology and hire new developers. Furthermore, the startup will expand to more categories with a focus on lifestyle and increase its domestic and international supply base.
Meesho employees more than 350 people and has emerged as the most funded startup in the social e-commerce segment. The startup competes with Wooplr and Shop101. Earlier in June this year, Sequoia India invested $11.5 million (₹85 crores) in Meesho. Wooplr is in talks with several Chinese investors to raise more capital.
Social e-commerce is penetrating Indian mindsets and will be the next big thing in the upcoming three to five years. Meesho’s social reselling models is highly suitable and profitable for internet buyers.
The startup was founded by two IIT Delhi graduates Aatrey and Sanjeev Barnwal and was picked for 2016 batch by Y-Combinator. Following the investment, Kabir Misra will join the board of the company.