Meesho is a start up which started in 2015, and is founded by Vidit Aatrey and Sanjeev Barnwal. Both of them are from IIT Delhi. These batch-mates started Meesho as a Bengaluru based start up which connects re-sellers to manufacturers to sell goods via social media platform.
Facebook took an interest in the company and has picked a minority stake in this social ecommerce company. In a mad guess, we can say Facebook has invested a whooping $25 Million in the start up. The company Meesho is raising a total of $100 million.
This platform is a popular reselling platform which helps re-sellers connect with manufacturers through social media. Most of the re-sellers are alleged housewives and small business owners who use Whatsapp and Facebook for selling their goods.
There was a gross sales of $200 million out of which 80% was from non-metro entrepreneurs, especially women. This women, specially housewives are selling online for the first time and this platform is enhancing the opportunities for women.
Ajit Mohan, the VP and MD, Facebook India said “With the 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. One of the reasons we like Meesho is because a lot of their coverage is outside the metros expanding quickly to new India with a large base of re-sellers.”
No wonder Facebook wants to invest in Meesho. The start up is growing to be a success in not jut metros but across India. The reason of Meesho seeking Facebook’s support might be the ability of Facebook to enhance the social media coverage.
Meesho’s overall sales grew by 50 times last year as compared to 2017. And currently the company’s value is $250 million with 2 million re-sellers.
