Bengaluru-based social commerce platform Meesho has raised $50 million in its Series-C funding round from three new investors Shunwei Capital, RPS Ventures and DST Partners. Existing investors SAIF Partners, Venture Highway, Y Combinator and Sequoia India also participated in this funding round.
Commenting on the investment, Tuck Lye Koh, founding partner and CEO of Shunwei Capital said, “Social e-commerce is the next big thing in the e-commerce space of India. We strongly believe that Meesho’s social reselling model is highly suitable for the great number of new-to-Internet buyers.”
The Social commerce platform, that helps resellers and emerging brands build businesses using social media, was started by IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal in 2015. Among the categories on the marketplace are arts and crafts, fashion, home and kitchen products, personal care, and nutrition.
The company will use the latest raised capital to hire and scale its technology team, expand into more categories and grow its domestic and international supply base.
Vidit Aatrey, co-founder and CEO, Meesho said, “We want to build out a supply base—domestically and internationally as in importing from China. On the demand side we have been focused on expanding on our user segment—from housewives about a year ago to now a considerable chunk of our users who are students and working professionals.”
To date, it has enabled over 800,000 social sellers in over 500 towns across India to start and grow their businesses with zero capital investment. Together, the platform currently reaches over 4 million consumers.
“We’ve witnessed 10-fold growth over the last six months and have made significant progress in improving the experience of our sellers and consumers,” Aatrey said.
Notably, Meesho was among the first three Indian startups selected by Y Combinator for its summer batch in 2016. Besides YCombinator, the startup counts investors such as Venture Highway, VH Capital, Kashyap Deorah, Rajul Garg, Oyo Rooms’ Maninder Gulati, Abhishek Jain, and Jaspreet Bindra, and others in its portfolio. Till date, the firm has raised nearly $65 million over three funding rounds.