By Manish Singh
Meesho, a Bangalore-based social commerce startup, has raised $125 million in a new financing round to expand its business in the country and change the way millions shop online.
The Series D round was led by Naspers, and existing investors SAIF, Sequoia, Shunwei Capital, RPS and Venture Highway participating as well. Facebook also participated in the round, so did Arun Sarin, former CEO of Vodafone Group. The four-year-old startup has raised $190 million to date.
Meesho is an online marketplace that connects sellers with customers on social media platforms such as WhatsApp, Facebook, and Instagram. The startup claims to have a network of more than 2 million resellers from 700 towns who largely deal with apparel, home appliances and electronics items.
These resellers are mostly homemakers, most of whom have purchased a smartphone for the first time in recent years. Eighty percent of Meesho’s user base is female.
Meesho said the startup will use the fresh capital to expand its reach in the nation and add as many as 18 million new sellers by end of next year. “The latest investment will also strengthen Meesho’s aim …read more
Source: Tech Crunch