Social commerce startup Meesho has raised $570 million led by Fidelity Management and Eduardo Saverin’s B Capital Group. The company was valued at $4.9 billion after the round, more than double of what it was valued less than six months ago. 

The company also added new investors to its cap table including Footpath Ventures, Trifecta Capital, and Good Capital. Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round. 

Entrackr was the first to report about this round on July 5.

The Bengaluru-based company is eyeing to reach 100 million monthly transacting users by December 2022. It plans to use the fresh funds to grow its technology and product talent by 2.5X and increase its roster to over 50 million products. 

The company said it was also looking to expand its groceries and FMCG offerings with Farmiso, its community group buying business to more than 200 cities.

“By making online grocery shopping affordable for first-time users across India’s tier 2+ markets, the company is enabling them to shop from a wide selection of groceries at ticket sizes as low as $1-2,” Meesho said in a statement. 

The company had raised $300 million in a financing round led by SoftBank Vision Fund in April at a valuation of $2.1 billion. Since then, the company claimed it has recorded a 2.5X growth in order volume and added a range of new product categories such as sports and fitness, pet supplies, and automotive accessories.  

Also read: The mystery of Meesho’s ghost orders

Meesho is the de facto leader in the social commerce marketplace for unbranded products. As of April, the company claimed to have enabled over 13 million individual entrepreneurs and more than 45 million customers in the country. 

While the company is yet to file its annual reports for FY21, it had recorded a 3.8X surge in its operating revenue to around Rs 307 crore in FY20 as compared to Rs 80 crore in FY19. Its annual losses had also more than tripled to Rs 315.4 crore in the year ending March 2020 from Rs 100.42 crore in the preceding fiscal.

The social commerce space is largely dominated by Meesho along with a host of new platforms. Its peer Shop101 was acquired by InMobi. GlowRoad, CityMall, DealShare, BulBul, EkAnek and YouTube-owned Simsim are other direct and indirect competitors to Meesho. 

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