Overview of Meesho
- Meesho operates as an online reselling platform that enables anyone to start a business without investment. It is a business platform trusted by more than 2.6 million resellers across India.
- The company plans to deploy the fresh capital to help 100 million individuals and small businesses in the country to sell online.
- Social commerce and business-to-business marketplaces have emerged as the potential sources of competition to e-commerce firms such as Amazon and Flipkart in India.
- Social commerce is one prominent bet to take on modern e-commerce that has struggled to make inroads in India, despite billions of dollars ploughed by Amazon and Flipkart. Another bet is digitizing neighborhood stores in the country — without so much of the social element — that dot tens of thousands of towns, cities and villages in India. Global giants Facebook and Google are backing both the horses.
Funding in Meesho
- The Series E funding round, led by SoftBank Group ‘ s Vision Fund 2, saw the valuation of the Bengaluru-based start-up rise to $2.1 billion from around $700 million in 2019. Existing investors Facebok Inc, Prosus Ventures, Shunwei Capital, Venture Highway and Knollwood Investment also participated in the latest investment round.
- Meesho has raised a total of $515.2M in funding over 9 rounds by 25 investors out of which 12 were lead investors.
- The online platfrom recorded a revenue of INR 341.6 Cr in FY20, ending March 31, 2020, representing a 4X spike from the INR 84.8 Cr revenue in 2019. In the same period, the company ‘ s expenses grew 3.5X to INR 657 Cr, leading to a loss of INR 315.4 Cr in the year, up from INR 100.42 Cr.
- With the backing of the investors, it seems Meesho is riding on a high tide.
