Bengaluru: Online marketplace Meesho, which uses social media platforms such as WhatsApp and Facebook to drive sales, has raised $11.5 million in a series-B round led by Sequoia India. Existing investors SAIF Partners, Y Combinator and Venture Highway also participated in the funding round.
Meesho has so far raised $15 million, which includes the latest infusion.
It will use the money to scale up its product portfolio, hire fresh talent across teams, and for expanding into new seller categories, Meesho chief executive officer Vidit Aatrey told Mint. “We have grown 20 times since our series A last year, and we continue to be the biggest cheerleader for the social reselling model. We plan to double down on our mission to create 20 million entrepreneurs over the next two years."
Mint reported in April that Meesho was in talks to raise $10-15 million from Sequoia Capital and SAIF Partners.
Founded in 2015 by IIT-Delhi graduates Aatrey and Sanjeev Barnwal, the Bengaluru-based start-up operates an online marketplace, which connects sellers directly with raw material suppliers.
“Social commerce is the future of e-commerce in India. People buy from people they trust, and that’s what Meesho enables," said Mohit Bhatnagar, managing director, Sequoia Capital India.