Meesho Raises $570 Million In Series F Funding Round Led By Fidelity Management, Others

Social commerce startup Meesho said it has raised $570 million in its Series F round of funding led by Fidelity Management and B Capital.

The round saw the participation of existing investors such as Prosus Ventures, SoftBank Vision Fund 2 and Facebook. New investors that contributed to the round include Footpath Ventures, Trifecta Capital and Good Capital among others.

This round takes Meesho’s total valuation to $4.9 billion.

“We have grown three times in terms of number of orders over the last two quarters. The business has continued to expand at a very rapid pace. We've been adding more categories and catalogues. We have now become a pure horizontal platform where people can find anything they want,” co-founder and chief executive Vidit Aatrey told The Economic Times.

The Bengaluru-based company runs a three-sided marketplace with suppliers, resellers and the customer, where the reseller buys goods such as unbranded fashion items from the supplier and sells them via platforms such as WhatsApp and Instagram.

Meesho said in a statement it has recorded 2.5x growth in order volume and added a range of new product categories to its roster including sports and fitness, pet supplies, and automotive accessories in just five months since the last round of funding.

The company intends to go deeper into India's underserved markets, becoming the preferred e-commerce destination for the next billion users in the country, it added.

“Intending to reach 100 million monthly transacting users by December 2022, Meesho expects to utilise the fresh round of funding to grow its technology and product talent by 2.5x, increase its roster to over 50 million products, and become the platform of choice for customers, entrepreneurs and sellers from all corners of India,” the statement added.

Earlier in April, the social commerce startup had raised $300 million in a funding round led by SoftBank Vision Fund 2.