Indian Startup Meesho Valued at $5 Billion by Fidelity
- Startup raises $570 million from investors including B Capital
- It’s targeting a $800 billion market led by local brands
Social commerce startup Meesho Inc. raised $570 million in fresh funding led by Fidelity Investments and Facebook co-founder Eduardo Saverin’s B Capital, adding to the frenzy of global backing for India’s startup ecosystem.
The fundraising takes the Bangalore-headquartered startup’s valuation to $4.9 billion, more than doubling from five months ago when SoftBank Group Corp. led a round that valued it at $2.1 billion. The Japanese company joined other existing investors Naspers Ltd.’s Prosus Ventures and Facebook Inc. in the latest funding, the startup said in an emailed announcement.
India’s leading online retailers have focused mainly on the so-called organized segment comprising branded goods in fashion, home appliances and other categories, said Vidit Aatrey, Meesho’s co-founder and chief executive officer.