Meesho

Meesho is an online shopping platform owned by the Indian company Fashnear Technologies Private Limited.[3][4] 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.[4][5]

Meesho
Founded2015 (2015)
Area servedIndia
OwnerFashnear Technologies Private Limited
Founder(s)Vidit Aatrey
Sanjeev Barnwal
Key peopleVidit Aatrey (CEO)
Sanjeev Barnwal (CTO) [1]
IndustryE-commerce
RevenueIncrease ₹3,247.8 crore (US$410 million) (FY22)[2]
Net incomeNegative increase ₹−498.7 crore (US$−62 million) (FY22)
URLwww.meesho.com

History

Fashnear Technologies Private Limited was established by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in July, 2015[6] 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.[7][3]

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.[8] It saw big growth during 2021 and 2022.[9] 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.[10] 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.[11] Its gross merchandise value (GMV) increased ninefold in two years[11] and was at about $5 billion in 2022 (for comparison, Flipkart's GMV stood at $23 billion).[12][13]

In 2023, Meesho was named one of the most influential companies of the year by Time (magazine).[14][15] In the same year, Meesho also became the fastest shopping app to cross over 500 million downloads.[16][17]

Funding

Meesho is funded by multiple investment companies including Fidelity, Softbank,[18] Prosus, B Capital Group, Sequoia India[19] and Meta.[20] Meesho has held many funding rounds.

  • Series A in October 2017: US$3.4 million[21]
  • Series B in June 2018: US$11.5 million[19]
  • Series C in November 2018: US$50 million[22]
  • 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.[20]
  • Series F in September, 2021: Meesho, announced funding of US$570 million led by Fidelity Management & Research Company and B Capital Group.[23]

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.[24][25][26]

See also

References
  1. Singh, Rajiv (11 November 2021). "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 20 September 2023.
  2. "OMeesho FY22 Loss Surges, Revenue Grows 4x". VcCircle.
  3. "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Retrieved 17 May 2023.
  4. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 17 May 2023.
  5. Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". WSJ. Retrieved 20 September 2023.
  6. "Meesho Creates Stores for Indian SMBs Selling Through WhatsApp". Y Combinator. Retrieved 17 May 2023.
  7. 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.
  8. "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.
  9. 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.
  10. "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 17 May 2023.
  11. "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.
  12. "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.
  13. "With 910 million orders in 2022, Meesho grew 135% y-o-y". Financialexpress. 22 December 2022. Retrieved 17 May 2023.
  14. "TIME100 MOST INFLUENTIAL COMPANIES 2023". time.com. Tara Law. Retrieved 21 June 2023.
  15. "Meesho on TIME's 100 most influential companies". moneycontrol.com/. MONEYCONTROL NEWS. Retrieved 22 June 2023.
  16. "Meesho becomes world's fastest shopping app to cross 500 mn downloads". business-standard.com/. Peerzada Abrar. Retrieved 1 June 2023.
  17. "'Meesho becomes world's fastest shopping app to cross 500 million". timesofindia.indiatimes.com/. Asmita Dey. Retrieved 2 June 2023.
  18. "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.
  19. Shu, Catherine (7 June 2018). ""Social selling" startup Meesho lands $11.5M Series B led by Sequoia India". TechCrunch. Retrieved 26 August 2023.
  20. Singh, Manish (13 June 2019). "Facebook backs social commerce startup Meesho in first India investment". TechCrunch. Retrieved 17 May 2023.
  21. 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.
  22. Russell, Jon (6 November 2018). "India's Meesho, which enables social commerce via WhatsApp, raises $50M". TechCrunch. Retrieved 26 August 2023.
  23. Adarsh (26 September 2023). "Meesho Success Story And 5 Powerful Lessons For Entrepreneurs - Selfedu". Retrieved 12 October 2023.
  24. "Meesho raises more than half a billion dollars in the fourth biggest funding round this year". www.businessinsider.in. Retrieved 17 May 2023.
  25. "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.
  26. "Meesho eyes EBITDA breakeven this year". FashionNetwork.com. Retrieved 17 May 2023.
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