H2-On Thursday, the social commerce platform Meesho announced it had accumulated $570 million (about Rs 4,235.2 crore) in funding, directed by Fidelity Management & Research Company and B Capital Group, which has assisted the company more than double its valuation to $4.9 billion in less than five months.
Existing investors: Prosus Ventures, SoftBank Vision Fund 2, and Facebook also engaged in this round, a statement stated. Other new investors include Footpath Ventures, Trifecta Capital, Good Capital, and others, it added.
In April, Meesho had boosted $300 million (about Rs 2,201.7 crore) in a funding round from SoftBank Vision Fund 2 and others, which had driven its valuation to $2.1 billion. To date, the company has accumulated over $1 billion.
Meesho, in a statement, on Thursday said it has recorded 2.5x growth in order volume and affixed a range of new product categories to its roster, including sports and fitness, pet supplies, and automotive accessories in just five months since the last round of funding.
The company proposes to go deeper into India's underserved markets, becoming the favored e-commerce destination for the following billion users in the country.
"With an aim to reach 100 million monthly transacting users by December 2022, Meesho expects to utilise the fresh round of funding to grow its technology and product talent by 2.5x, increase its roster to over 50 million products, and become the platform of choice for customers, entrepreneurs and sellers from all corners of India," the statement stated.
The statement asserted that the company is also looking to expand its groceries and FMCG offerings with Farmiso (Meesho Grocery), its community group buying the business to more than 200 cities.