Bengaluru: The Meesho Internet Commerce Platform has collected $ 570 million in the funding round led by management of Fidelity Management & Research and B Capital Group.
Investors who have prosus ventures, Softbank Vision Fund 2, and Facebook also participates in this round.
Other new investors include business trifekta, capital, good capital, and others.
Company funding value with $ 4.9 billion.
MeeSho is cashing in retail India which is not organized which is estimated at $ 792 billion, connecting buyers to retailers from the interior throughout the category.
“We want to democratize internet trading.
The first e-commerce wave serves brands on the supply side and several customers on the demand side.
We reduce entry barriers – we do not charge commission fees or registration fees.
With the aim of reaching 100 million monthly transaction users in December Next year, we hope to use fresh funds to grow our product technology and talent with almost three times, and increase our list to 50 million products, “said Vidit Aatrey, our founder and CEO, Meesho.
He said his income came from allied services such as advertising, price tools, inventory and logistics management.
It has 3 lakh sellers on the platform.
Meesho also wants to expand wholesale and FMCG offers with Farmiso (Grocery Meeesho), the community business buys business, up to more than 200 cities.
Within five months since the last round of funds, Meesho recorded a growth of two and a half times in the volume of orders and added various categories of new products including sports and fitness, pet supplies, and automotive accessories.
Aatrey said, “The wave of the next growth in Indian digital consumerism is undoubtedly from Bharat.
We always focus our efforts to enable entrepreneurs from the Tier 2 market to expand their business and in turn raise small economic bags in this country.” This company increases infrastructure Logistics for Tier 2 markets, and trigger business findings and hyperlocation products.
“We have evaluated e-commerce opportunities in developing and vibrant markets about the focus of Meesho on a strong unit economy and the first consumer approach,” said Kabir Narang, founder of General Partnel at B Capital Group.