Facebook invests an undisclosed amount in social commerce platform Meesho
MUMBAI: Social networking giant Facebook has invested an undisclosed amount in Bengaluru-based social commerce platform Meesho. This is Facebook’s first investment in an India-based startup.
Meesho is one of the country’s fastest growing social commerce platforms and provides small and independent entrepreneurs with products and tools to start, maintain, and grow their businesses.
It facilitates an innovative three-way marketplace enabling resellers, SMBs, and micro-entrepreneurs across India to connect with potential buyers using social media. A majority of these entrepreneurs are women who are realising their dream of owning a business for the first time.
Facebook India VP and MD Ajit Mohan said, “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.”
Meesho co-founder Vidit Aatrey said, “It’s been an amazing journey for the Meesho team and we cannot wait to do more as we work towards our goal of building a bigger community and enabling millions of entrepreneurs to be successful. Over the last 4 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.”