The most recent speak of a fund-raise comes after the Bengaluru-headquartered firm’s valuation doubled to $4.9 billion in September, when traders led by US asset supervisor Constancy and B Capital pumped in $570 million. Social commerce makes use of on-line platforms similar to Fb, WhatsApp and Instagram to advertise and promote merchandise & companies.
In April, Meesho was valued at $2.1 billion, when it raised $300 million from SoftBank’s Imaginative and prescient Fund. The brand new spherical might get finalised in January. A questionnaire emailed to a Meesho spokesperson didn’t elicit a response until the time of going to the press.
“The corporate has doubled its numbers since its final funding spherical. In the event that they get the numbers proper, the valuation might rise past $8 billion to over $9 billion,” mentioned a senior business government. Meesho clocked a gross merchandise worth (GMV) of round $5 billion in January-October, which is twice as a lot as what it was doing in January-July, sources mentioned.
Compared, wealth administration firm Bernstein mentioned in a current report that Flipkart, excluding its trend e-tailer Myntra, clocked a GMV of round $12.5 billion in calendar 12 months 2020, whereas competitor Amazon India adopted shut with a GMV of $11.5 billion in the course of the interval.
Meesho, which has develop into a number one participant within the social commerce house, presents its platform to small companies largely led by girls to promote on Fb and WhatsApp. It competes with the likes of DealShare and CityMall that function by means of a community-based mannequin. In July, the Walmart-owned Flipkart, too, entered the house with Shopsy that goals to onboard 25 million entrepreneurs on its platform by 2023.
Meesho mentioned it needs to allow 100 million entrepreneurs throughout a number of classes to promote on its platform. Began in 2015 by Vidit Aatrey and Sanjeev Barnwal, the corporate entered the net grocery house this 12 months by means of Farmiso, which has pitted it instantly towards the likes of Tata’s Bigbasket, Grofers in addition to horizontal e-commerce gamers similar to Amazon and Flipkart. It’s constructing a logistics provide chain that can supply the bottom value service throughout India, Meesho mentioned on its web site.
The corporate witnessed over 57 million downloads throughout the App Retailer and the Google Play Retailer from August to October, 2021, in line with App Annie, making it the most-downloaded app throughout all classes in India, it mentioned.