Meesho- Case Study
Meesho is India’s most well known reselling site and millions of people are using this platform to resell and earn money. This startup has been encouraging small sellers to use this platform since the year 2015. It is of Indian origin where small businesses and individuals conduct business through social media channels like Facebook, Instagram, Whatsapp, etc. from their homes and without any investment.
They have received a funding of $125 million last year and have raised around $190 million in 4 years. So they have been able to reach the zenith of success in such a short duration of time. But do you know the story behind their success? Read on to know more.
Journey towards success:
This Bangalore-based startup was founded, in 2015 by Vidit Aatrey and Sanjeev Barnwal, who were recent graduates from IIT Delhi. They had initially founded an app called FashNear in 2015 which was a fashion and e-commerce app. By the end of the year they changed the name to Meesho and made it available for small businesses and individuals who could conduct business through social media channels.
Meesho has sold over 90 lakh products in over 5000 cities all over India. Currently they have a widespread network of over 7 crore customers and 1 crore resellers. The payments are made right on time and the app is very genuine, so users don’t have to be concerned about the transactions – which are very secure.
In 2016, Meesho was funded by Y Combinator which is a well known seed accelerator from California, USA. It was a summer program of 3 months from which Meesho won a funding of 120,000 dollars. Later in 2017, they also received a solid funding of $3.4million during a series A round of investment by SAIF Partners.
In the series B round of 2018, they received $11.5 million. The major investors in the Series C round were DST Partners, RPS Ventures, Shunwei Capital etc. In this round, conducted in November 2018, Meesho was able to raise a total of 50 million dollars.
In June 2019, Meesho became the first startup from India to receive an investment from Facebook. Their latest round of Series D funding was carried out in August 2019, which collected 125 million dollars.
Moreover, Meesho has been evolving rapidly over the past 5 years with even advanced technologies that keep up with the changing needs of the market.
So, are you an entrepreneur searching for inspiration to open your own company? Well I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
AAIWay brings to you a golden opportunity for having your business ideas funded in Happython 2020 which is a startup pitch competition to be held on13th December. Your business ideas can be related to e-commerce, robotics, web technnology or any one among the many areas of innovation encouraged by Happython. To learn more about Happython 2020, visit http://aaiway.com/events/
Event date: 13th December
Last date for registration: 5th December
So, what are you waiting for?
Register for Happython 2020 today and see your dream project take off!