Meesho, a Bangalore-based social commerce startup has raised $50Mn in Series C round of funding within less than five months after raising its last round. This round has seen participation from existing investors Sequoia Capital, SAIF Partners, Venture Highway and added new investors Shunwei Capital from China, DST Partners, and RPS Ventures.
|Series A||Series B|
|$3.4Mn in October 2017||$11.5Mn in June 2018|
This Y-Combinator graduate claims to have its top line revenue grow by over 100X over the last year. Founded in 2015 by IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal, Meesho is an online marketplace for resellers. This platform is majorly hosting Homemakers, small business owners, boutiques, home, and kitchen products.
More than 30% of its user-base is non-English and Meesho is in plans to launch new native languages over time. It currently has 1 million resellers on its platform who make 10-20% commission on every transaction.
Meesho plans to use the fresh funds to build a stronger product and scale its technology team. The Bengaluru-based company recently launched personal care and nutrition categories on its platform and is piloting new segments.
“We want to build out a supply base—domestically and internationally as in importing from China. On the demand side we have been focused on expanding on our user segment—from housewives about a year ago to now a considerable chunk of our users who are students and working professionals,” said Aatrey, co-founder and chief executive officer at Meesho over the phone.
Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors believes that social commerce is finally enabling everyone – women and men across all age groups to become micro-entrepreneurs. “Social ecommerce is the next big thing in the ecommerce space of India. We strongly believe that Meesho’s social reselling model is highly suitable for the great number of new-to-Internet buyers” Tuck, founding partner and CEO, Shunwei Capital added further.
Currently, more than 500 million people are relying on the Internet for their day-to-day activities. There are about 50 Mn registered small businesses in India and one million of them are online, mostly through WhatsApp and Facebook.