Facebook-backed Meesho hits $4.9b valuation after fresh fundraise

Meesho, an India-based social commerce firm, has raised US$570 million in its latest round of funding at a valuation of US$4.9 billion.

More funding details

• Lead investors: B Capital Group (the venture capital firm of Facebook co-founder Eduardo Saverin) and Fidelity Management & Research Company (a US-based investment manager)
• Returning investors: Prosus Ventures, SoftBank Vision Fund 2, and Facebook
• Other investors: Footpath Ventures, Trifecta Capital, and Good Capital, among others
• Stage: Series F

More company updates

• Meesho will use the new funds to increase hiring across its tech and product teams by 2.5x and expand its roster to 50 million products.
• The company said it recorded a 2.5x growth in order volume over the last five months, and aims to hit 100 million monthly active users by December 2022.
• Meesho is also looking to expand Farmiso (also known as Meesho Grocery), its community group buying business that offers groceries and fast-moving consumer goods, to over 200 cities.
• The fresh funding comes after the company raised US$300 million in a SoftBank-led round in April, which brought it to unicorn status.
• The Facebook-backed platform now competes with Walmart’s Flipkart, which recently forayed into the social commerce space with Shopsy.
• Earlier this year, Meesho shut its Indonesia operations, which led to over 100 employees losing their jobs.
• Last month, Meesho filed criminal complaints against fraudulent users after the company and its logistics partner, Shadowfax, were served a legal notice in July for alleged ghost orders.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.