Meesho is a Bangalore-based social commerce startup. Meesho acquires $125 million in a new financing round. The startup aims to expand its business in the country and change the way millions shop online.
The Series D round was led by Naspers. Other than Naspers, there are also existing investors like SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway. On top of all Facebook also participated in the round. The four-year-old startup has raised $190 million to date.
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Meesho is an online marketplace. It connects sellers with customers on social media platforms such as WhatsApp, Facebook, and Instagram. The startup has a network of more than 2 million resellers from 700 towns. The customers largely deal with apparel, home appliances, and electronics items.
These resellers are mostly homemakers. Meanwhile, most of them have purchased a smartphone for the first time in recent years.
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The startup will use the fresh capital to expand its reach in the nation. Besides, it will add as many as 18 million new sellers by the end of next year. Moreover, the capital will also strengthen Meesho’s aim to grow its community of women entrepreneurs.
The startup aims to empower women who dream to run their own businesses but lacked the funds and expertise to do so.
More than 90% of businesses in India are still offline and unorganized. Meesho is trying to get these businesses. Moreover, most of them don’t have the working capital to enable their own online presence and to sell online.
Meesho also plans to use the new funds to further bulk up its technology platform. In the long run, they aim to accommodate new product lines.
Meesho claimed that it has experienced phenomenal growth. It has hit a sweet spot in the market. Further, they will