Facebook picks up minority stake in Bengaluru-based e-commerce start-up Meesho for undisclosed quantity
No monetary particulars of the transaction have been disclosed.
Meesho has beforehand raised about $65 million from a clutch of buyers, together with DST Partners, RPS Ventures, Shunwei Capital, SAIF Partners, Sequoia India and Y Combinator.
“There are three reasons for making this investment. One, we are very excited by the founders and the team. Second is their focus on tier II and III cities, so they sort of addressing the new India that’s showing up on the internet beyond the large metros,” Facebook India Vice President and Managing Director Ajit Mohan instructed PTI.
Another deciding issue was the bottom of two million resellers on Meesho’s platform, of which about 80 % are girls entrepreneurs, he added.
“…it is fueling female entrepreneurship, and therefore driving the job creation agenda. So for us, we saw a huge opportunity for really, for us to play the role to be an ally for India’s economic growth,” he famous.
This is the corporate’s second funding in India. In 2014, Facebook had acquired Hyderabad-based Little Eye Labs that constructed efficiency evaluation and monitoring instruments for cellular app builders.
Meesho, a social commerce platform, supplies small and impartial entrepreneurs with merchandise and instruments to start out and develop their companies. It facilitates a three-way market enabling resellers, SMBs, and micro-entrepreneurs throughout India to attach with potential consumers utilizing social media.
Vidit Aatrey, the co-founder of Meesho, mentioned during the last 4 years, the corporate has grown from its humble beginnings at IIT to 15,000 suppliers and 20 lakh resellers all through India.
“We share a common goal with Facebook – to enable community and help small businesses grow. This commitment from Facebook will help us leapfrog towards our goal,” he added.
Asked if Facebook would put money into extra Indian startups, Mohan mentioned the corporate is “open to explore conversations”.
“We’re not setting up an India fund. That means there’s no deterministic model or timeline for investments that may come with setting up a fund… we’re open to explore conversations, and impact will be the sole lens that we apply… (if) we feel there are opportunities and there are partners who see value in us being on the table and participating, we will explore that,” he mentioned
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