Naspers leads $125m round for India's Meesho

Sequoia Capital India, Shunwei Capital, SAIF Partners, RPS Ventures, and Venture Highway also participated, alongside Arun Sarin, a former CEO of telecom giant Vodafone. It follows a $50 million Series C last year that included contributions from Y combinator and DST Partners. The company is estimated to have raised about $215 million in total to date.

Meesho markets itself as India’s leading social commerce online marketplace with a network of more than 2 million ‘social sellers’ across 700 towns as well as 15,000 suppliers in the country’s traditional manufacturing hubs. The platform enables independent resellers to build small businesses by connecting them with suppliers and facilitating transactions via social networks such as Facebook, WhatsApp and Instagram. The service includes logistical support and payment tools.

“The exciting growth of e-commerce in India has hidden the fact that over 90% of Indians either can’t or won’t use it in its current form,” Vidit Aatrey, Meesho’s co-founder and CEO, said in a statement. “They want online shopping that enables them to buy from small businesses they trust. Meesho provides a way for these customers to get what they need – and we believe it is the future of online shopping for the next 500 million consumers.”

The fresh capital will be used to develop new product lines and improve the platform’s underlying technology, in part through the use of artificial intelligence. The company will also pursue an operational expansion into new geographies, while consolidating its existing footprint. The plan is to help 20 million people become entrepreneurs by 2020, especially in the core business areas of apparel, household products, wellness and electronics.

Meesho will also use the capital to address a funding gap for women entrepreneurs by growing its community of women users. “I am particularly proud that Meesho has cut across gender, education levels, risk appetites and vocations to create livelihoods for people with no investment of their own,” Aatrey added. “Our social sellers are small retailers, women, students and retired citizens, with 70% being homemakers who have found financial freedom and a business identity without having to step outside their homes.”

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Consumer
• Expansion
• India
• Sequoia Capital
• Shunwei Capital Partners
• SAIF Partners
• e-commerce
• TMT