07 June 2018, India:
Social commerce platform Meesho has raised $11.5 million in Series B round of funding. The funding round was led by Sequoia Capital. Existing investors SAIF Partners, Y Combinator and Venture Highway also participated in the round.
Meesho will use the fresh capital to accelerate hiring and product development, while expanding the categories on the platform.
Vidit Aatrey, Co-founder and CEO of Meesho said, “Lakhs of aspiring Indians are finally realising their dreams of starting their own business online with our platform.”
Vidit Aatrey added, “We have grown 20X since our Series A last year, and we continue to be the biggest cheerleader for the social reselling model that we have built from scratch over the last two years. With the new investment, we plan to double down on our mission to create 20M entrepreneurs over the next two years by expanding our suite of tools.”
Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors said, “Social commerce is the future of e-commerce in India. People buy from people they trust, and that’s what Meesho enables. Entrepreneurs, many of them women, use this social commerce platform to recommend, customize and sell to their family and friends.”
Mohit Bhatnagar added, “Social selling is a huge trend and Sequoia India is excited to partner with Meesho, which is the early leader in this space.”
Mukul Arora, Managing Director, SAIF Partners said, “Vidit and team have executed amazingly well since Series A, and have demonstrated that the platform can become a massive alternate distribution channel.”
Mukul Arora added, “We are really excited to continue backing them, and welcome Sequoia India to this partnership.”
(Image – meesho)