Facebook-backed Meesho nears $250 million funding from SoftBank Vision Fund, others

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4 years ago

Bengaluru | Mumbai: Fb-backed Meesho is within the closing levels of negotiations to boost $250 million in funding led by Softbank Vision Fund, a number of folks within the know of the matter advised ET requesting anonymity as the knowledge will not be public but.

The funding spherical will worth the practically six-year-old Bengaluru-based startup at as a lot as $2 billion, which is greater than double the valuation from its earlier spherical. This additionally means Meesho would be the newest startup to be inducted into the coveted unicorn membership.

Meesho had raised $125 million in a Collection D funding spherical in August 2019 led by Naspers and participation from US social community large Facebook. SAIF, Sequoia, Shunwei Capital, RPS and Enterprise Freeway had additionally participated within the spherical.

The deal, which is within the closing levels of negotiations, comes when Meesho is estimated to have largely recovered its revenues submit the pandemic-induced lockdowns. The corporate is now focusing on robust development on the again of elevated adoption.

Meesho on its web site says it has over 10 million resellers on its platform and 70 million prospects. These resellers largely uncover prospects on platforms akin to WhatsApp and Instagram, whereas the corporate manages transport and even helps them in sourcing.

Meesho and Softbank Imaginative and prescient Fund didn’t reply to ET’s queries for remark till the time of publishing this story.

Within the yr that ended March 31, 2020, Meesho posted an almost 4 fold development in its revenues to Rs 307 crore from Rs 80 crore within the earlier yr, whereas its losses surged by over thrice to Rs 315 crore in the course of the interval in assessment.

Nonetheless, the lockdown introduced by the federal government on the finish of the earlier fiscal nearly utterly halted Meesho’s core companies. Put up the opening of markets, Meesho has been in a position to develop its revenues and orders again as much as nearly pre-Covid ranges, an analyst stated.

Meesho is at the moment the chief in India’s fast-emerging social commerce sector which is seeing competitors warmth up amongst gamers like Dealshare, Glowroad, Shop101, Kiko TV, amongst others.

Whereas funding within the sector dipped throughout 2020, trade watchers expect much more offers to be closed within the social commerce house this yr, because the avenues for constructing extra conventional e-commerce firms has shut given the size and dimension of gamers like Amazon and Walmart-owned Flipkart.

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