Social commerce Meesho raises $192 million from parent entity amid festive season

• ByStartupStory     |    September 30, 2022

Meesho, a platform for social commerce, has raised $192 million from its parent firm, Meesho Inc. According to Entrackr, the business’s board of directors approved a special resolution to sell 6,512,342 equity shares to its US-based parent company at an issue price of Rs 2,408 per share to raise Rs 1,568.2 crore ($192 million).

The news comes soon after the company’s announcement that it had its best-ever holiday sales season, garnering over 3.34 crore orders during the five-day event—a 68% increase over the previous year’s sales.

Meesho will utilize the most recent influx of capital to expand its activities throughout the holiday season.

In September of last year, the Bengaluru-based company collected a total of $570 million during its Series F fundraising round. The investment was headed by Fidelity Management and Research and Facebook co-founder Eduardo Saverin’s B Capital Group and was valued at $5 billion. Meesho became a unicorn in April of last year. Last year, Meesho stated plans to achieve 100 million monthly transactional users by December 2022 and to increase its product library to over 50 million items.

Vidit Aatrey, co-founder and chief executive officer of Meesho, said that close to sixty percent of all orders originated from Tier IV and beyond cities. 

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