The social commerce platform Meesho raised $300 million in the funding round through SoftBank Vision Fund 2.
In the valuation done in the rounds that company’s worth recorded at $2.1 Billion. Consequently, it entered the unicorn club from India. Any startup company to enter the club should value over $1 billion.
In the funding round the existing investors like Prosus Ventures, Facebook, Shunwei, and more participated.
As per the reports, the company aims at enhancing the small business through online reach and growth. Earlier, the company grew on a large scale by assisting small businesses and business people to work online.
It joined the Indian unicorn club after five companies already entered the club. The other ones are Digit Insurance, Innovaccer, Infra. Market and Five Star Business Finance.
According to the SoftBank partner, they expressed the willingness to coordinate their work with the company. The company also efficiently uses artificial intelligence and MI to grow their business and assist other small setups.
Moreover, the SoftBank lead added that they keenly observed the performance of the company and praised its growth. The company successfully manages to create a stronghold over the team and manage one unit’s economic activities.
Earlier, in 2019 Meesho gained $125 million in series D of funding. Companies enter this round mainly to increase value before raising money from the public.
In the reports, India’s e-commerce market will experience tremendous growth in the future by double the current level.
Check all the recent news updates and share market updates