The social media mammoth Facebook announced today about its investment in Indian social commerce startup Meesho. According to TechCrunch, this is the first time Facebook has taken equity in Indian business and the amount is very significant. None of the Facebook and Meesho has disclosed any financial side of the deal.
Meesho is an innovative Indian startup that connects buyers and sellers over social platforms. Before Facebook, Meesho had raised a total of $65.2 million from DST Partners, RPS Ventures, Shunwei Capital, Sequoia, Saif and many more.
What attracted Facebook to invest in Meesho?
1. Female userbase:
Meesho claims to have a network of 2 million resellers who majorly deal in apparel, home appliances and electronic items. Eighty percent of the userbase of Meesho is female.
2. India 2 Userbase:
Meesho’s says that most of its customers are from India 2 (smaller cities and towns) where most people are not online. It’s a remarkable achievement.
3. Amazing Results:
Meesho claims that it is helping thousands of resellers earn over 25,000 ($360) respectively each month.
4. Potential to go international:
The CEO & Co-founder Vidit Aatrey told TechCrunch about their plans to tap international markets.
ⓘ Want to get your content featured on LAFFAZ? Submit your article.