Indian social commerce Meesho raises $570 million at $4.9 billion valuation | TechCrunch

Meesho has more than doubled its valuation in less than six months, to $4.9 billion, as a growing number of high-profile investors back the Indian social commerce startup that is reporting strong growth despite the pandemic. The Bangalore-headquartered firm said on Thursday it has raised $570 million in its Series F financing round, following a $300 million Series E in April when it was valued at $2.1 billion. Fidelity and B Capital Group co-led the new financing round, bringing the startup’s all-time raise to over $1 billion. Prosus Ventures, SoftBank Vision Fund 2, Facebook, and Good Capital also participated in the new round, which didn’t involve any secondary transaction, the startup’s co-founder and chief executive Vidit Aatrey told TechCrunch in an interview. Meesho — which counts Sequoia Capital India, Y Combinator, and Elevation Capital among its earliest investors — operates a three-sided marketplace that connects suppliers (manufacturers and distributors) and resellers with customers on social media platforms such as WhatsApp, Facebook and Instagram. The resellers buy listed products from the suppliers and make commission on each transaction when they sell to customers. About 80% of resellers on the platform are women, said Aatrey, who co-founded Meesho with Sanjeev Barnwal in…
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