Indian social commerce start-up Meesho has just secured $50 million in funding to the platform expand internationally.
The platform provides social media-based commerce tools and currently has more than 200 million members in India. Sellers can tap into Meesho’s digital toolbox to manage their products. The platform provides payment options and even handles the delivery process. Products are offered to friends and family through social media network connections.
If a seller isn’t active enough on the platform, s/he is removed. Meanwhile, those who perform well are being offered further skills training.
Since it launched, Meesho said its revenue rose more than 100-fold. The company raised $3.4 million in 2017 and another $11.5 million in June 2018.
With 2 million sellers already registered, the company aims to reach 20 million by 2020.
The latest funding round was led by Shunwei Capital, DST Partners and RPS Ventures, with participation from existing backers Sequoia India, SAIF Partners, Venture Highway and Y Combinator.