By Ridhima Saxena
Mint, New Delhi
WWR Article Summary (tl;dr) Facebook is investing in social commerce platform “Meesho.” The Indian startup is an online marketplace that connects sellers with customers on social media platforms. Eighty percent of the network’s more than 2 million resellers are women.
Mint, New Delhi
Meesho, an Indian firm that promotes female entrepreneurship through its reselling platform, raised an undisclosed amount from Facebook, which bought a majority stake in the company,
The deal size, according to an Economic Times report may be about $20-25 million.
This marks the second investment made by the social networking giant in India.
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In July 2014, Facebook had acquired Little Eye Labs, a Bengaluru-based startup that makes a software tool to analyze the performance of Android apps, for a reported $10-15 million.
Founded by Indian Institute of Technology-Delhi graduates Vidit Aatrey and Sanjeev Barnwal, Meesho has a mobile application that facilitates a three-way marketplace enabling resellers, small and medium businesses (SMBs), and micro-entrepreneurs across India to connect with potential buyers using social media.
The platform, that has 15,000 suppliers and two million resellers across India, focuses on tier II and III cities where new internet users are based. Also, nearly 80% of its two million resellers are women, Mohan told Mint.
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Distributed by Tribune Content Agency, LLC.
