Meesho raises $570 million at a $4.9 billion valuation

Facebook-backed social commerce company Meesho has raised $570 million in Series F funding round led by Fidelity and B Capital Group, giving the company a valuation of $4.9 billion. 

Existing investors Prosus Ventures, SoftBank Vision Fund 2, and Facebook also participated in the new funding round. New investors also include Footpath Ventures and Trifecta Capital among others.

Founded by Vidit Aatrey and Sanjeev Barnwal in December 2015, India-based startup’s offers include order management, logistics, online payments, real-time shop updates, and helping businesses get their customers to subscribe. 

The company claims to have a network of more than 13 million entrepreneurs, mostly women, from hundreds of Indian towns serving largely in clothing, household appliances and electronics. 

In the five months since Meesho’s $300 million Series E in April, monthly orders have increased by 2.5X, while monthly transacting users have grown by 2.8x, the company said.

“By reaching customers in the remotest corners of India’s hinterlands, we have truly become the preferred e-commerce destination for Bharat.” co-founder and CEO Vidit Aatrey said in a statement.