Meesho raises Rs 2,200 cr in funding led by SoftBank


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Meesho raises Rs 2,200 cr in funding led by SoftBank

Homegrown social commerce platform Meesho on Monday introduced it has raised $300 million (over Rs 2,200 crore) in a brand new spherical of funding led by SoftBank Imaginative and prescient Fund 2, taking its valuation to $2.1 billion. Meesho stated it goals to construct a single digital ecosystem for 100 million small companies and rent the very best expertise within the trade.

“With the brand new spherical of funding, we’re extraordinarily thrilled to have SoftBank onboard. We’re targeted on increasing our imaginative and prescient — from serving to aspiring girls entrepreneurs to creating Meesho as a single ecosystem that may allow all small companies in India to succeed on-line,” stated Vidit Aatrey, Founder and CEO of Meesho.

“With our new imaginative and prescient we are going to allow 100 million small companies to start out, succeed and lead their operations on-line with Meesho as their accomplice of their journey,” he stated in a press release.

Over the past six years, Meesho has enabled over 13 million particular person entrepreneurs to start out their very own on-line companies with zero funding, bringing the advantages of e-commerce to greater than 45 million clients within the nation.

Up to now, the corporate has delivered orders from greater than 100,000 registered suppliers to over 26,000 pin codes in additional than four,800 cities, producing over 500 crore in revenue for particular person entrepreneurs.

The present spherical noticed participation from current traders — Prosus Ventures, Fb, Shunwei Capital, Enterprise Freeway and Knollwood Funding.

“By utilizing the ability of synthetic intelligence and machine studying, Meesho has created a platform for a lot of small enterprise homeowners to promote to the subsequent cohort of web customers. We look ahead to being part of this journey,” stated Munish Varma, Managing Companion at SoftBank Funding Advisers.

“We’ve been intently monitoring Meesho for the final 18 months and have been impressed by its progress, day by day engagement metrics, concentrate on unit economics and skill to create a robust group,” added Sumer Juneja, Companion at SoftBank Funding Advisers.

ALSO READ | Lenskart elevating over USD 275 mn from Softbank Imaginative and prescient Fund

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