Meesho, social commerce platform, has announced that it has raised $570 million. With this round, within 5 months, its valuation has now shot up to $4.9 Billion, according to a statement.
The round was led by Fidelity Management & Research Company and B Capital Group. Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round. New investors also include Footpath Ventures and Trifecta Capital among others.
The company said in the statement, “In just 5 months post our previous fundraise, our monthly orders have increased by 2.5X, while our monthly transacting users grew by 2.8X. 40% of our new users were also first-time online shoppers. By reaching customers in the remotest corners of India’s hinterlands, we have truly become the preferred e-commerce destination for Bharat.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.