Just after the five months after raising its last round of funding, Meesho, is now becoming one of the fastest growing e-commerce companies in the market as of now, which has raised $50 Million in the funding round of Series C from the new investors which includes the DST Partners, RPS Ventures, Shunwei Capital the company revealed today. Some of the existing investors which include the SAIF Partners, Sequoia India, Y Combinator and Venture Highway also participated in the round.
The startup which is founded in the year 2015 by the IIT Delhi Graduate Sanjeev Barnwal, and Visit Aatrey, Meesho operates as an online marketplace which helps to connect the resellers directly with the suppliers of the raw materials. The majority of the resellers on the platform are the small business owners, small boutique brands, homemakers and those who also sell art, fashion wear, home, craft and kitchen products.
The company as of now has a plans to use the fresh funds to build a stronger product and expand its technology team. The Bangalore based company also has recently launched nutrition and personal care categories on its platform and its piloting new segments.
“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,” said Aatrey, co-founder and chief executive officer at Meesho over the phone.
“We (RPS) are hoping to assist them with our accumulated experience in the sector to further grow their business in India and beyond,” said Misra, founder and managing partner, RPS Ventures.
“We strongly believe that Meesho’s social reselling model is highly suitable for the great number of new-to-internet buyers,” said Tuck Lye Koh, founding partner and chief executive at Shunwei Capital.
“Going ahead it’s going to be a massive business as such, maybe bigger than any of the e-commerce companies you have seen,” said Aatrey.