The parent business of social commerce platform Meesho, Meesho Inc., has raised $192 million. According to regulatory documents, the company’s board of directors approved a special resolution to sell 6,512,342 equity shares to its US-based parent corporation at an issue price of Rs 2,408 per share in order to raise Rs 1,568.2 crore ($192 million).
The first to report the development was Entrackr.
The Bengaluru-based company’s Series F financing round, which took place in September of last year, saw a total raise of $570 million. Meesho was valued at $5 billion in the round, which was co-founded by Eduardo Saverin, the co-founder of Facebook, and Fidelity Management and Research. Meesho became a unicorn in April of the previous year.
“Internal fund transfers are standard BAU procedures and are a component of our overall treasury plan as agreed upon by our board. This has nothing to do with the holiday season or any other component of our business, “Meesho stated in a press release.
The news comes just after the business reported having its best-ever holiday shopping season, with 3.34 crore orders placed over a five-day period, an increase of 68% over the same period last year.
Nearly 60% of all orders came from Tier IV and higher cities, claimed Vidit Aatrey, co-founder and CEO of Meesho.
By December 2022, Meesho hopes to have 100 million monthly active users and to have added more than 50 million products to its inventory.