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Meesho

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Meesho
Founded2015 (9 years ago) (2015)
Area servedIndia
OwnerFashnear Technologies Private Limited
Founder(s)Vidit Aatrey
Sanjeev Barnwal
Key peopleVidit Aatrey (CEO)
Sanjeev Barnwal (CTO) [1]
IndustryE-commerce
RevenueIncrease ₹3,247.8 crore (US$390 million) (FY22)[2]
Net incomeNegative increase ₹−498.7 crore (US$−60 million) (FY22)
URLwww.meesho.com

Meesho is an online shopping platform owned by the Indian company Fashnear Technologies Private Limited.[3][4] It is an online marketplace that facilitates trade between suppliers, resellers and customers, with heavy reliance of external social media platforms such as Facebook and Instagram.[4][5]

History

Fashnear Technologies Private Limited was established by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in July, 2015[6] as an on-demand delivery service like Swiggy but for fashion products from local shops. The startup failed. In 2016, the founders came up with the idea of re-establishing the platform as Meesho, one that would enable country-wide shipping for resellers with the use of social media sites as tools for marketing.[7][3]

Meesho had 209,000 users and 1.2 million orders per month in February 2019 and 563,000 users and 3.1 million orders per month in March 2020.[8] It saw big growth during 2021 and 2022.[9] Meesho's monthly transacting user count rose 26 times during 2020–2022. Globally, Meesho mobile app was among the top most downloaded apps in 2021.[10] In 2022, Meesho had about 120 million monthly users and about 910 million orders were made through the platform. It soon became one of India's fastest growing e-commerce platforms.[11] Its gross merchandise value (GMV) increased ninefold in two years[11] and was at about $5 billion in 2022 (for comparison, Flipkart's GMV stood at $23 billion).[12][13]

In 2023, Meesho was named one of the most influential companies of the year by Time (magazine).[14][15] In the same year, Meesho also became the fastest shopping app to cross over 500 million downloads.[16][17]

Funding

Meesho is funded by multiple investment companies including Fidelity, Softbank,[18] Prosus, B Capital Group, Sequoia India[19] and Meta.[20] Meesho has held many funding rounds.

  • Series A in October 2017: US$3.4 million[21]
  • Series B in June 2018: US$11.5 million[19]
  • Series C in November 2018: US$50 million[22]
  • Series D in June 2019: US$25 million funded by Meta Platforms. Meesho became the first startup in India to receive investment funding from Facebook.[20]
  • Series F in September, 2021: Meesho, announced funding of US$570 million led by Fidelity Management & Research Company and B Capital Group.[23]

In 2021, the company announced that it had raised approximately US$1.1 billion in funding thus far and currently has a cash buffer of US$400 million.[24][25][26]

See also

References

  1. ^ Singh, Rajiv (11 November 2021). "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 20 September 2023.
  2. ^ "OMeesho FY22 Loss Surges, Revenue Grows 4x". VcCircle.
  3. ^ a b "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Retrieved 17 May 2023.
  4. ^ a b "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 17 May 2023.
  5. ^ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". WSJ. Retrieved 20 September 2023.
  6. ^ "Meesho Creates Stores for Indian SMBs Selling Through WhatsApp". Y Combinator. Retrieved 17 May 2023.
  7. ^ Russell, Jon (18 August 2016). "Meesho wants to make selling through WhatsApp more efficient and less painful". TechCrunch. Palo Alto, California. Retrieved 26 August 2023.
  8. ^ "Meesho logs 17.8 mn users in Sept; aims to reach 100 mn by Dec 2022". Business Today. 16 November 2021. Retrieved 17 May 2023.
  9. ^ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". Wall Street Journal. ISSN 0099-9660. Retrieved 30 May 2023.
  10. ^ "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 17 May 2023.
  11. ^ a b "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN 0971-751X. Retrieved 17 May 2023.
  12. ^ "Meesho's average monthly user count 55 per cent that of Flipkart, Amazon India: Report". www.thehindubusinessline.com. 22 April 2023. Retrieved 17 May 2023.
  13. ^ "With 910 million orders in 2022, Meesho grew 135% y-o-y". Financialexpress. 22 December 2022. Retrieved 17 May 2023.
  14. ^ "TIME100 MOST INFLUENTIAL COMPANIES 2023". time.com. Tara Law. Retrieved 21 June 2023.
  15. ^ "Meesho on TIME's 100 most influential companies". moneycontrol.com/. MONEYCONTROL NEWS. Retrieved 22 June 2023.
  16. ^ "Meesho becomes world's fastest shopping app to cross 500 mn downloads". business-standard.com/. Peerzada Abrar. Retrieved 1 June 2023.
  17. ^ "'Meesho becomes world's fastest shopping app to cross 500 million". timesofindia.indiatimes.com/. Asmita Dey. Retrieved 2 June 2023.
  18. ^ "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN 0971-751X. Retrieved 17 May 2023.
  19. ^ a b Shu, Catherine (7 June 2018). ""Social selling" startup Meesho lands $11.5M Series B led by Sequoia India". TechCrunch. Retrieved 26 August 2023.
  20. ^ a b Singh, Manish (13 June 2019). "Facebook backs social commerce startup Meesho in first India investment". TechCrunch. Retrieved 17 May 2023.
  21. ^ Shu, Catherine (13 October 2017). "Social commerce startup Meesho gets $3.4M Series A to build a reseller network in India". TechCrunch. Retrieved 26 August 2023.
  22. ^ Russell, Jon (6 November 2018). "India's Meesho, which enables social commerce via WhatsApp, raises $50M". TechCrunch. Retrieved 26 August 2023.
  23. ^ Adarsh (26 September 2023). "Meesho Success Story And 5 Powerful Lessons For Entrepreneurs - Selfedu". Retrieved 12 October 2023.
  24. ^ "Meesho raises more than half a billion dollars in the fourth biggest funding round this year". www.businessinsider.in. Retrieved 17 May 2023.
  25. ^ "Social e-com firm Meesho eyes $500-mn war chest; funds to be used for M&As". www.business-standard.com. 25 March 2022. Retrieved 17 May 2023.
  26. ^ "Meesho eyes EBITDA breakeven this year". FashionNetwork.com. Retrieved 17 May 2023.
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