Meesho, The Bangalore-based social commerce startup has raised $ 125 million in a brand new spherical of financing to broaden its enterprise within the nation and alter the best way hundreds of thousands store on-line.
The spherical of Serie D was led by Naspers, and present traders SAIF, Sequoia, Shunwei Capital used to RPS and Enterprise Freeway are additionally taking part. Fb also participated in the roundAdditionally Arun Sarin, former CEO of the Vodafone Group. The four-year-old startup has up to now collected $ 190 million.
Meesho is an internet market that connects sellers with customers on social media platforms like WhatsApp, Fb and Instagram. The startup is claimed to have a community of greater than 2 million resellers from 700 cities, primarily in clothes, home equipment and electronics.
These resellers are primarily housewives, most of whom have purchased a smartphone for the primary time in recent times. Eighty % of Meesho's customers are feminine.
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Meesho mentioned the startup will use the contemporary capital to broaden its attain within the nation and soak up as much as 18 million new sellers by the tip of subsequent yr. "The latest funding can even reinforce Meesho's ambition to develop the group of girls entrepreneurs who’ve dreamed of beginning their very own companies however missing the assets and experience they want," the corporate mentioned.
Greater than 90% of firms in India are nonetheless offline and unorganized. Vidit Aatrey, co-founder and CEO of Meesho, informed TechCrunch in an interview that these firms, most of which haven’t any working capital to allow their very own on-line presence, ought to promote on-line.
"I’m notably proud that Meesho has taken gender, training, risk-taking and vocation under consideration to create livelihoods for individuals who don’t make their very own investments. Our social sellers are small retailers, girls, college students and retirees, with 70% being housewives who’ve discovered monetary freedom and a enterprise id with out having to depart their properties, "mentioned Aatrey.
Meesho additionally plans to make use of the brand new funds to additional broaden the know-how platform for brand new product traces.
"The exceptional development they’re already experiencing reveals that Meesho has discovered a candy spot in the marketplace and is properly positioned to serve the following 500 million web shoppers within the nation," mentioned Ashutosh Sharma, head of India Investments. Naspers Ventures, in an announcement.