Indian social commerce platform Meesho has raised $570 million in a new funding round led by Fidelity Management & Research Company and B Capital Group. This funding values the company at $4.9 billion. Existing investors Prosus Ventures, SoftBank Vision Fund 2, and Facebook also participated in this round.
Meesho was funded by Vidit Aatrey and Sanjeev Barnwal in 2015. The company’s last funding round in Aril this year valued the company at $2.1 billion. The fresh funding will be used to double its research and development team. It will also use the funds to acquire more users and will also put some money into its grocery marketplace Farmiso.
The company aims to reach 100 million monthly transacting users by December 2022. Meesho claims that it has already enabled over 13 million individual entrepreneurs and more than 45 million customers in the country.
