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Last Updated : Jun 13, 2019 06:02 PM IST | Source: Moneycontrol.com

Meesho becomes first Indian startup to raise money from Facebook

Meesho was founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal.

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Facebook on June 13 announced an undisclosed amount of investment in social commerce startup Meesho.

This is Facebook's first investment in an Indian startup.

Meesho was founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal. It connects resellers directly with raw material suppliers using social media platforms and also connects individual sellers and small businesses with customers.

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It provides small entrepreneurs with products and tools to start, maintain, and grow their businesses. It facilitates a three-way marketplace enabling resellers, SMBs, and micro-entrepreneurs across India to connect with potential buyers using social media. The company claims that a majority of these entrepreneurs are women who are realizing their dream of owning a business for the first time.

"Facebook is an ally for India's economic growth and social development. We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India. We love that the company is translating the power of online communities to expand economic opportunity for all of India, and especially women," said Ajit Mohan, Vice-President and Managing Director, Facebook India.

The Bangalore-based startup last announced a fund raise of $50 million in a Series-C funding round from Shunwei Capital, DST Partners and RPS Ventures.

"Over the last four years we've grown from our humble beginnings at IIT, to 15,000 suppliers and 2,000,000 resellers throughout India. We share a common goal with Facebook - to enable community and help small businesses grow. This commitment from Facebook will help us leapfrog towards our goal," said Vidit Aatrey, co-founder, Meesho.

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First Published on Jun 13, 2019 06:02 pm
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