Meesho

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Meesho
Meesho Logo Full.png
Founded2015 (10 years ago) (2015)
Area servedIndia
OwnerFashnear Technologies Private Limited
Key people
  • Vidit Atreya (Founder, CEO)
  • Sanjeev Baranwal (Founder, CTO)
IndustryE-commerce
Websitewww.meesho.com

Meesho is an online shopping platform owned by the Indian company Fashnear Technologies Private Limited.[1][2] 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.[2]

History[edit]

Fashnear Technologies Private Limited was established by IIT Delhi graduates Vidit Atre and Sanjeev Baranwal in July, 2015[3] 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.[4][1]

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.[5] It saw big growth during 2021 and 2022.[6] 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.[7] 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.[8] Its gross merchandise value (GMV) increased ninefold in two years[8] and was at about $5 billion in 2022 (for comparison, Flipkart's GMV stood at $23 billion).[9][10]

In 2023, Meesho was named one of the most influential companies of the year by Time (magazine).[11][12] In the same year, Meesho also became the fastest shopping app to cross over 500 million downloads.[13][14]

Funding[edit]

Meesho is funded by multiple investment companies including Fidelity, Softbank[15], Prosus, B Capital Group, Sequoia India[16] and Meta[17]. Meesho has held many funding rounds.

  • Series A in October 2017: US$3.4 million[18]
  • Series B in June 2018: US$11.5 million[16]
  • Series C in November 2018: US$50 million[19]
  • 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.[17]
  • Series F in September, 2021: Meesho, announced funding of US$570 Million led by Fidelity Management & Research Company and B Capital Group.(citation needed)

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.[20][21][22]

See also[edit]

References[edit]

  1. ↑ 1.0 1.1 "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Retrieved 17 May 2023.
  2. ↑ 2.0 2.1 "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 17 May 2023.
  3. ↑ "Meesho Creates Stores for Indian SMBs Selling Through WhatsApp". Y Combinator. Retrieved 17 May 2023.
  4. ↑ 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.
  5. ↑ "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.
  6. ↑ 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.
  7. ↑ "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 17 May 2023.
  8. ↑ 8.0 8.1 "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.
  9. ↑ "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.
  10. ↑ "With 910 million orders in 2022, Meesho grew 135% y-o-y". Financialexpress. 22 December 2022. Retrieved 17 May 2023.
  11. ↑ "TIME100 MOST INFLUENTIAL COMPANIES 2023". time.com. Tara Law. Retrieved 21 June 2023.
  12. ↑ "Meesho on TIME's 100 most influential companies". moneycontrol.com/. MONEYCONTROL NEWS. Retrieved 22 June 2023.
  13. ↑ "Meesho becomes world's fastest shopping app to cross 500 mn downloads". business-standard.com/. Peerzada Abrar. Retrieved 1 June 2023.
  14. ↑ "'Meesho becomes world's fastest shopping app to cross 500 million". timesofindia.indiatimes.com/. Asmita Dey. Retrieved 2 June 2023.
  15. ↑ "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.
  16. ↑ 16.0 16.1 Shu, Catherine (7 June 2018). ""Social selling" startup Meesho lands $11.5M Series B led by Sequoia India". TechCrunch. Retrieved 26 August 2023.
  17. ↑ 17.0 17.1 Singh, Manish (13 June 2019). "Facebook backs social commerce startup Meesho in first India investment". TechCrunch. Retrieved 17 May 2023.
  18. ↑ 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.
  19. ↑ Russell, Jon (6 November 2018). "India's Meesho, which enables social commerce via WhatsApp, raises $50M". TechCrunch. Retrieved 26 August 2023.
  20. ↑ "Meesho raises more than half a billion dollars in the fourth biggest funding round this year". www.businessinsider.in. Retrieved 17 May 2023.
  21. ↑ "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.
  22. ↑ "Meesho eyes EBITDA breakeven this year". FashionNetwork.com. Retrieved 17 May 2023.
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