Facebook-backed Indian social commerce platform Meesho raises $570 million

BENGALURU (Reuters) - Meesho, an Indian "social commerce" platform backed by Facebook Inc and SoftBank Group, said on Thursday it had raised $570 million in a funding round led by Fidelity Management & Research Company and B Capital Group.

The latest funding round values the company at $4.9 billion, Meesho said in a statement. "Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round," the company added.

Founded in 2015 by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, the platform offers social media users products to sell - ranging from clothes to cosmetics - and takes a cut from actual sales.

The company also provides logistics and payment tools to sellers.

In the five months since Meesho's previous fundraise, both monthly orders and monthly transacting users have nearly tripled, the company said.

Indian startups have been on a tear in 2021, with several companies entering the unicorn or $1 billion club, while other high-profile names including food delivery app Zomato and digital payments company Paytm listing or pursuing a debut on domestic stock exchanges.

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

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