Google to invest in social commerce platform Meesho

Credit score: Reuters

In keeping with a report printed in The Financial Occasions, Google is in talks to take a position greater than $50-75 million in social commerce platform Meesho.

The funding might be a part of Meesho’s latest financing spherical and can worth the Bengaluru-based firm at $4.9 billion, the report mentioned.

In keeping with a report in TechCrunch, “Google is in talks to take a position over $50 million in Indian social commerce startup Meesho.”

Queries to CEO Vidit Atre and CFO Dhiresh Bansal didn’t elicit any response until the time of publication of this report.

Google, which has pledged to take a position $10 billion in India, at the moment backs Indian startups like Dailyhunt, Nazar and others.

In April, Meesho grew to become a unicorn after elevating $300 million led by Japan’s SoftBank Group Corp. Fund-Rise values ​​it at $2.1 billion — a threefold bounce from its earlier funding spherical of $125 million in 2019 when it was undervalued. At $700 million.

Its traders are Fb, SoftBank, Sequoia Capital India, Y Combinator and others in Meesho.

The corporate had mentioned that it has positioned orders for over 26,000 pin codes from over 100,000 registered suppliers in over 4,800 cities, producing over Rs 500 crore in revenue for particular person entrepreneurs.

This yr, Meesho added over 100,000 sellers by initiatives together with free advert credit and nil return transport expenses. It at the moment has 250,000 sellers on its platform. It additionally switched to a 0% fee mannequin to get extra sellers on its platform. earlier than the festive season.

Meesho has just lately joined the e-commerce membership.

Meesho’s Maha Indian Procuring League was held from October 5 to 10, coinciding with Amazon’s Nice Indian Competition and Flipkart’s flagship Massive Billion Days sale, which opened throughout this era.

The corporate has additionally mentioned in a earlier interview that it’ll double down on its grocery vertical (Farmiso). It goals to make on-line grocery a actuality for individuals in over 200 Tier II+ cities throughout the nation.

Supply hyperlink