The online marketplace which allows resellers to list their products on the platform, based out of Bangalore and California has secured a funding of $11.5 million (Rs 77 crore) in a Series B round. VC firm Sequoia Capital led the funding round which saw participation from the existing investors that include SAIF Partners, Y Combinator, and Venture Highway.
The company had raised around $3.44 million from a number of angel investors last year in October. The total raised sum by the firm so far is $15 million. The company in a statement said that it intends to use the latest infusion in hiring new talent, develop the product and expand categories on the platform.
Meesho co-founder and CEO Vidit Aatrey in a statement said that company has grown 20 folds ever since they raised Series A round capital last year. "We have grown 20 times since our Series A fundraiser last year. With the new investment, we plan to double down on our mission to create 20 million entrepreneurs over the next two years by expanding our suite of tools," said Aatrey.
Vidit Aatrey and Sanjeev Barnwal, both an IIT Delhi alumni had founded the firm in 2015. The merchants can manage the listings through the mobile app while the reseller can share the details with customers on platforms like Facebook and WhatsApp. It also provides sourcing, logistics and payments tools along with helping the resellers promote their business.
Sequoia Capital India Advisors' managing partner Mohit Bhatnagar said that “Social commerce is the future of e-commerce in India. People buy from people they trust, and that’s what Meesho enables. Entrepreneurs, many of them women, use the Meesho platform to recommend, customize and sell to their family and friends".
Image Courtesy : Meesho