The funds will be used to build a product, scale its technology team while expanding into more categories and scaling domestic and international markets
Bangalore-based reselling platform Meesho has raised $50 million in a Series C funding round from Shunwei Capital, DST Partners and RPS Ventures.
Existing investors who also invested in the round were Sequoia India, SAIF Partners, Venture Highway and Y Combinator.
The funds will be used to build a product, scale its technology team while expanding into more categories and scaling domestic and international markets.
“With this new round of funding and the strong team we’ve built at Meesho, we are confident that we will continue to create value for our resellers and suppliers, and reach end consumers not served well by traditional e-commerce models,” said Vidit Aatrey, founder and CEO, Meesho.
The company was founded by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal in 2015. Meesho has created an alternate distribution channel to help build, promote and launch “social sellers” using WhatsApp, Facebook and other social media channels.“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. It's our pleasure to work with the excellent team of Meesho on this exciting opportunity,”said Tuck Lye Koh, founder partner and CEO of Shunwei Capital.