Meisho said it raised $ 300 million in a new financing round led by SoftBank Vision Fund 2 on Monday as the Indian social commerce startup works to create a “single ecosystem” that will enable all small businesses to succeed online .
The new round – A Series E – 2019 Series D gives a five-year-old startup a valuation of $ 2.1 billion, which is approximately $ 600 million. The Indian startup, which has raised about $ 490 million, said existing investors Facebook, Pross Ventures, Shunwei Capital, Venture Highway and Knollwood Investment also participated in the new round.
This appears to be Shunwei Capital’s first investment in an Indian startup in about a year. New Delhi last year introduced a rule requiring an Indian investor to approve a Chinese investor to write a check to an Indian firm.
Bangalore-based Misho operates an online online marketplace that connects sellers with customers on social media platforms such as WhatsApp, Facebook and Instagram. The startup is claimed to have a network of more than 13 million entrepreneurs, most of whom are women, from hundreds of Indian cities who deal extensively with apparel, home appliances and electronics items.
Meisho said it would deploy new capital to help 100 million individuals and small businesses sell online in the country. “Over the past year, we have seen tremendous growth in the direction of small businesses and entrepreneurs moving their businesses online,” said Viditha Atre, co-founder and CEO of Mehaso in a statement.
“We have been closely monitoring Meishao for the past 18 months and have been impressed by their growth, daily engagement metrics, focus on unit economics and the ability to build a strong team. Sumer Juneja, partner at SoftBank Investment Advisors, said in a statement, “We believe that Meisho is an efficient way for SME suppliers and social resellers to help foster the e-commerce revolution in India and provide a personalized experience to consumers” Provides the stage.
In a recent report, UBS analysts identified social commerce and business-to-business markets as potential sources of competition to e-commerce firms such as Amazon and Flipkart in India.
This is a developing story. More to follow…