A Bengaluru-based social commerce platform Meesho has reportedly raised an amount of $50 million in a Series C funding round. Following this funding round, the valuation of the company has reached between $200 million and $250 million.
This particular round was led by Shunwei Capital, Yuri Milner’s DST Partners and RPS Ventures. Along with this, exisiting backers like Sequoia India, SAIF Partners, Venture Highway and Y Combinator also participated in this round.
“We want to simulate the exact experience that happens offline,” Meesho co-founder and CEO Vidit Aatrey stated. “Sellers have the liberty to sell to 10 different people at 10 different prices.”
The company is planning to use these funds to go deeper into its existing areas of business that includes offering more product categories, bringing on more suppliers, extending its supply chain and developing tools to help sellers sell better.
Also, a part of the funds will be used to hire and scale its technology team, expand into more categories from its core lifestyle focus, and scale its domestic and international supply base.
Meesho sees housewives, entrepreneurs, students, teachers, build their businesses through its platform who then promote their online businesses using WhatsApp, Facebook and other social media channels. The company, as of now, has enabled over 2,000,000 social sellers across more than 500 towns.
“Social e-commerce is the next big thing in the e-commerce space of India. We strongly believe that Meesho’s social reselling model is highly suitable for the great number of new-to-Internet buyers,” Tuck Lye Koh, CEO of Shunwei Capital stated.
Meesho has grown immensely as the most funded startup in the social e-commerce space, where it competes with the likes of Wooplr and Shop101. Prior to this, Meesho had raised $11.5 million in an investment round led by Sequoia India in June.