Indian social commerce player Meesho raises $275m as part of new funding round

Indian social commerce player Meesho raises $275m as part of new funding round

Meesho co-founders Sanjeev Barnwal (left) and Vidit Aatrey. Photo: Mint

Indian social commerce player Meesho has raised $275 million in a new funding round, according to its filing with the US Securities and Exchange Commission (SEC).

Founded in 2015, Meesho works by building a network of “social sellers” to help suppliers distribute their products nationwide. It enables resellers to reach their customers via social media platforms such as Facebook, WhatsApp, and Instagram. In its home market India, Meesho claims to have hosted 140 million unique transacting users in the last 12 months.

Meesho, which was valued at $4.1 billion at the end of October last year, saw its investor Fidelity Investments slash the value of its holding in the social commerce firm by 33.6% earlier this year.

The new funding is part of a larger financing round that is likely to include secondary transactions and reach over $500 million, TechCrunch reported. The startup is being valued at about $3.9 billion in the latest round, the report said.

In September 2021, Meesho raised $570 million in a Series F funding round led by Fidelity Investments and B Capital Group. Before this, the company had received $300 million in a Series E funding round led by SoftBank Vision Fund.In August 2023, Meesho said that it had attained profitability at a consolidated PAT (profit after tax) level, encompassing all costs (including ESOPs), across all its divisions and categories. Its order volumes had soared 43% in the last 12 months.The startup, established in 2015, is now understood to be looking at an IPO over the next 12-18 months.

Edited by: Padma Priya

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