Facebook invests in Indian social startup Meesho

Facebook puts $25 m in Meesho

Facebook puts $25 m in Meesho

India, and it's 1.4 billion citizens, has become the next key battleground for social media apps and tools, with all platforms now looking for ways to tap into the emerging Indian marketplace, where internet adoption is rising fast. This is the first time that the global giant picked up equity in an Indian startup. "This is a shoo-in as far as what Facebook, and its competitors, are shopping for in India". The company said it had grown from humble beginnings to a community of over 15,000 suppliers and 2,000,000 resellers throughout India in its four years of journey. "We share a common goal with Facebook - to enable the community and help small businesses grow", Meesho founder Vidit Aatreywrote in a blog post. Another factor making Meesho an attractive option is the demographic spread of its clientele, with housewives and students the largest sub-groups.

Neither party has yet expressed the financial terms of the investment.

Meesho, founded by two engineering graduates in 2015, has raised more than $65 million in funding and counts Shunwei Capital and DST Partners among its backers.

And what's more, according to TechCrunch, Facebook is also open to exploring additional investment in other startups which are building unique solutions for the Indian market.

Dallas Wings re-sign Megan Gustafson
She was cut just before the start of the regular season when teams had to trim their roster size down to 12 players. The Wings announced on June 13 they had re-signed Gustafson after a slew of losses ravaged the roster.

Google, for instance, made its first investment in an Indian start-up as early as 2017, when it signed on as an investor with hyperlocal logistics start-up Dunzo. In what could be the next breakthrough, the company has invested in Meesho, which is a Bengaluru based female entrepreneur firm. Meesho has been in talks to raise a $100 million financing round for the past few months, sources said.

"If you examine these deals closely, in ties in well with the strengths of these giant social media firms". This marks Mark Zuckerberg-led company's second investment in one of the world's biggest online markets, India.

The announcement was made by the Managing Director of Facebook India, who made the announcement on a video call but did not reveal much into the intricate details of the amount invested.

Twitter is not to be left behind, either, if reports are to be believed.

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