The investment in Meesho is the first for Facebook in an Indian startup even as it had acquired Bengaluru-based Little Eye Labs, which developed software for tracking apps' performance, in 2014.
Facebook has invested an undisclosed sum in reselling startup Meesho that allows small business and individuals to launch digital stores on social networking platforms such as Facebook, WhatsApp.
The company “share a common goal with Facebook that is to enable the community and help small businesses grow,” the company said in a statement. Launched in 2015, the boasts of over 15,000 suppliers and 20 lakh sellers resellers across India.
Meesho’s co-founder and CEO Vidit Aatrey didn’t respond to queries over calls, emails, and texts. The company claims of having facilitated the selling of more than 90 lakh products and spread over 5,000 towns.
The investment in Meesho is the first for Facebook in an Indian startup even as it had acquired Bengaluru-based Little Eye Labs (that developed software for tracking apps’ performance) in 2014.
The startup allows resellers to connect with wholesale suppliers selling apparels, home decor products, jewellery etc., at factory prices that they can share with prospective customers including family, friends, and receive payments including commission via bank account or e-wallet to book orders on customers’ behalf. The startup allows resellers to earn commission and profit margin on every order along with weekly cash rewards for meeting sales target.
Meesho gets majority customers from smaller cities and towns…and has a large women user base, TechCrunch reported citing Ajit Mohan, VP and Managing Director of Facebook India.
Meesho has so far raised $65.2 million (excluding current round) from investors including Sequoia, SAIF Partners, DST Partners, Venture Highway, Y Combinator, RPS Ventures, Shunwei Capital etc., as per Crunchbase data. The company had last raised $50 million in Series C funding in November 2018.
The startup was launched by IIT-Delhi alumni Aatrey and Sanjeev Barnwal. The Meesho app on Google play store has over 1 crore installs with a rating of 4.5.
Meesho competes with Shop101, GlowRoad, Zepo etc. in the online reselling market in India.