Meesho, a Bangalore, India-based internet commerce platform, raised USD 570M in funding.
The round was led by Fidelity Management & Research Company and B Capital Group with participation from existing investors Prosus Ventures, SoftBank Vision Fund 2, Facebook, Footpath Ventures, Trifecta Capital, Good Capital and others. Following the raise, Meesho’s valuation is $4.9 billion.
The company intends to use the funds to grow its technology and product talent, increase its roster to 50+ million products, as well as expand deeper into India’s underserved markets and its groceries and FMCG offerings with Farmiso (Meesho Grocery), its community group buying business to 200+ cities.
Led by Vidit Aatrey, Founder & CEO, Meesho is an internet commerce platform enabling small businesses, including individual entrepreneurs, to access to millions of customers, selection from over 700+ categories, pan-India logistics, payment services and customer support capabilities to run their businesses.