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Meesho

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Meesho
IndustryE-commerce
FoundedDecember 2015; 9 years ago (2015-12)
Founders
  • Vidit Aatrey
  • Sanjeev Barnwal
HeadquartersBangalore, Karnataka, India
Area served
India
Key people
ServicesOnline shopping
RevenueIncrease ₹7,615 crore (US$900 million) (FY24)[2]
Positive decrease ₹−53 crore (US$−6.3 million) (FY24)[3]
OwnerFashnear Technologies Private Limited
Websitewww.meesho.com

Fashnear Technologies Private Limited doing business as Meesho (short for Meri Shop, trans. My Shop)[4] is an Indian e-commerce company headquartered in Bengaluru.[5][6] It is an online marketplace that facilitates trade between suppliers, resellers and customers, with heavy reliance of external social media platforms such as Facebook and Instagram.[6][7]

History

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Fashnear Technologies Private Limited was established by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December, 2015[8][9] as an on-demand delivery service like Swiggy but for fashion products from local shops. In 2016, the founders came up with the idea of re-establishing the platform as Meesho, one that would enable country-wide shipping for resellers with the use of social media sites as tools for marketing.[10][5]

Meesho had 209,000 users and 1.2 million orders per month in February 2019 and 563,000 users and 3.1 million orders per month in March 2020.[11] It saw big growth during 2021 and 2022.[12] Meesho's monthly transacting user count rose 26 times during 2020–2022. Globally, Meesho mobile app was among the top most downloaded apps in 2021.[13] In 2022, Meesho had about 120 million monthly users and about 910 million orders were made through the platform. It soon became one of India's fastest growing e-commerce platforms.[14] Its gross merchandise value (GMV) increased ninefold in two years[14] and was at about $5 billion in 2022 (for comparison, Flipkart's GMV stood at $23 billion).[15][16]

According to report as of August 2023 Meesho delisted 42 lakh counterfeit listings and 10 lakh restricted products under its initiative Project Suraksha. During the same period, the platform blocked access for over 12,000 user accounts flagged for policy violations.[17]

In 2023, Meesho was named one of the most influential companies of the year by Time (magazine).[18][19] In the same year, Meesho also became the fastest shopping app to cross over 500 million downloads.[20][21]

In 2024, Meesho introduced Valmo, a logistics marketplace, to provide shipment services to sellers by aggregating multiple logistics providers. Meesho employs over 3,000 small businesses and 10-12 large firms for warehousing and sorting operations within its logistics framework.[22] According to media reports, Valmo operating in approximately 15,000 pincodes in India with around 6,000 partners. It is reported to handle over 50% of Meesho’s daily orders.[23]

According to a report by The Economic Times, Meesho's Gross Merchandise Value (GMV) exceeds $5 billion, with a focus on fashion, beauty, and home categories. The platform boasts 120 million monthly active users, with 80% of its sellers identified as retail business owners and 95% of its offerings being unbranded.[24]

In November 2024, Meesho introduced a generative AI-powered voice bot for customer support, managing approximately 60,000 calls daily in English and Hindi. According to media reports, the system resolves the majority of queries without human assistance, with only a small fraction of calls requiring manual intervention.[25]

Funding

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Meesho is funded by multiple investment companies including Fidelity, Softbank,[26] Prosus, B Capital, Sequoia India[27] and Meta.[28] Meesho has held many funding rounds.

  • Series A in October 2017: US$3.4 million[29]
  • Series B in June 2018: US$11.5 million[27]
  • Series C in November 2018: US$50 million[30]
  • Series D in June 2019: US$25 million funded by Meta Platforms. Meesho became the first startup in India to receive investment funding from Facebook.[28]
  • Series F in September, 2021: Meesho, announced funding of US$570 million led by Fidelity Management & Research Company and B Capital Group.[citation needed]

In 2021, the company announced that it had raised approximately US$1.1 billion in funding thus far and currently has a cash buffer of US$400 million.[31][32][33]

See also

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References

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  1. ^ Singh, Rajiv (11 November 2021). "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Archived from the original on 16 March 2023. Retrieved 20 September 2023.
  2. ^ Goenka, Tushar (1 November 2024). "Meesho revenue jumps 33% to Rs 7,615 cr in FY24, adjusted loss declines 97%". Moneycontrol. Retrieved 24 April 2025.
  3. ^ "Meesho recorded 34% year-on-year order growth in April-December 2024: Annual report". The Economic Times. 26 March 2025. Retrieved 24 April 2025.
  4. ^ "Meet Vidit Aatrey And Sanjeev Barnwal, The Meesho Founders Whose Earlier Venture Failed". News18. 12 April 2023. Archived from the original on 1 June 2024. Retrieved 1 June 2024.
  5. ^ a b "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  6. ^ a b "Tech in Asia – Connecting Asia's startup ecosystem". techinasia.com. Archived from the original on 13 May 2018. Retrieved 17 May 2023.
  7. ^ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". WSJ. Archived from the original on 27 January 2023. Retrieved 20 September 2023.
  8. ^ "Meesho Creates Stores for Indian SMBs Selling Through WhatsApp". Y Combinator. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  9. ^ "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Archived from the original on 17 May 2023. Retrieved 1 June 2024.
  10. ^ Russell, Jon (18 August 2016). "Meesho wants to make selling through WhatsApp more efficient and less painful". TechCrunch. Palo Alto, California. Archived from the original on 10 September 2019. Retrieved 26 August 2023.
  11. ^ "Meesho logs 17.8 mn users in Sept; aims to reach 100 mn by Dec 2022". Business Today. 16 November 2021. Retrieved 17 May 2023.
  12. ^ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". Wall Street Journal. ISSN 0099-9660. Archived from the original on 27 January 2023. Retrieved 30 May 2023.
  13. ^ "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Archived from the original on 16 March 2023. Retrieved 17 May 2023.
  14. ^ a b "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN 0971-751X. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  15. ^ "Meesho's average monthly user count 55 per cent that of Flipkart, Amazon India: Report". www.thehindubusinessline.com. 22 April 2023. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  16. ^ "With 910 million orders in 2022, Meesho grew 135% y-o-y". Financialexpress. 22 December 2022. Retrieved 17 May 2023.
  17. ^ "Meesho delists 42 lakh counterfeit, 10 lakh restricted products in six months". CNBCTV18. 2 August 2023. Retrieved 13 May 2025.
  18. ^ "TIME100 MOST INFLUENTIAL COMPANIES 2023". Time. Tara Law. Retrieved 21 June 2023.
  19. ^ "Meesho on TIME's 100 most influential companies". moneycontrol.com/. MONEYCONTROL NEWS. Retrieved 22 June 2023.
  20. ^ "Meesho becomes world's fastest shopping app to cross 500 mn downloads". business-standard.com/. Peerzada Abrar. Archived from the original on 2 June 2023. Retrieved 1 June 2023.
  21. ^ "'Meesho becomes world's fastest shopping app to cross 500 million". timesofindia.indiatimes.com/. Asmita Dey. Archived from the original on 3 June 2023. Retrieved 2 June 2023.
  22. ^ "Meesho launches logistics vertical Valmo". The Economic Times. 7 February 2024. Retrieved 4 April 2024.
  23. ^ "Meesho's logistics platform Valmo now handles 50% of orders, more than double from last year". Moneycontrol. 26 March 2025. Retrieved 1 May 2025.
  24. ^ Goel, Pallavi (25 January 2024). "ET Retail". ETRetail.com. Archived from the original on 17 June 2024. Retrieved 4 April 2024.
  25. ^ Xavier, John (26 November 2024). "Meesho launches multilingual Gen AI-powered chatbot to handle shoppers' queries". The Hindu. Archived from the original on 2 December 2024. Retrieved 1 May 2025.
  26. ^ "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN 0971-751X. Retrieved 17 May 2023.
  27. ^ a b Shu, Catherine (7 June 2018). ""Social selling" startup Meesho lands $11.5M Series B led by Sequoia India". TechCrunch. Archived from the original on 29 June 2019. Retrieved 26 August 2023.
  28. ^ a b Singh, Manish (13 June 2019). "Facebook backs social commerce startup Meesho in first India investment". TechCrunch. Archived from the original on 13 January 2020. Retrieved 17 May 2023.
  29. ^ Shu, Catherine (13 October 2017). "Social commerce startup Meesho gets $3.4M Series A to build a reseller network in India". TechCrunch. Archived from the original on 15 December 2019. Retrieved 26 August 2023.
  30. ^ Russell, Jon (6 November 2018). "India's Meesho, which enables social commerce via WhatsApp, raises $50M". TechCrunch. Retrieved 26 August 2023.
  31. ^ "Meesho raises more than half a billion dollars in the fourth biggest funding round this year". www.businessinsider.in. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  32. ^ "Social e-com firm Meesho eyes $500-mn war chest; funds to be used for M&As". www.business-standard.com. 25 March 2022. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
  33. ^ "Meesho eyes EBITDA breakeven this year". FashionNetwork.com. Archived from the original on 17 May 2023. Retrieved 17 May 2023.
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