Meesho, which grew to become India’s first social commerce unicorn in April after elevating a $300 million spherical from SoftBank, has climbed to the highest of app charts.
It ranked #1 throughout classes on Google Play Retailer India, going previous common suspects like Instagram, WhatsApp, Snapchat, Fb, and different social media apps. Meesho (which stands for ‘Meri Store’) has crossed over 50 million downloads on Android.
The Fb-backed startup has grown phenomenally within the final yr because the pandemic pressured extra individuals to remain house and order on-line. It crossed month-to-month orders of 20 million in March 2021, up over 6X from three million in March 2020.
Meesho Co-founder and CEO Vidit Aatrey mentioned in a tweet,
“Right this moment, Meesho has 13M+ ladies entrepreneurs who’ve bought merchandise to ~50M shoppers (3 p.c of India’s inhabitants) from 100K+ suppliers, throughout 4,800+ cities/cities. Our month-to-month transacting entrepreneurs have grown 10X over final 12 months.”
Its goal is to simplify ecommerce for 100 million small companies (together with particular person ones run by homepreneurs) in India and assist them earn a greater earnings.
The Meesho Workforce
The Bengaluru-based startup’s valuation jumped from $700 million in 2019 to $2.1 billion in 2021 after its final fund-raise in April.
In addition to SoftBank, the spherical additionally noticed participation from Meesho’s current traders, together with Prosus Ventures, Fb, Shunwei Capital, Enterprise Freeway, and Knollwood Funding.
Aviral Bhatnagar, a VC at Enterprise Freeway, tweeted about Meesho’s new app rating.
The platform gives incentives, coupons, and first buy gives to resellers, apart from offering aggressive wholesale costs for customers.
Meesho lists over 50 lakh merchandise throughout 650+ classes, together with vogue and equipment, house and kitchen necessities, health and beauty necessities, and so forth.
It competes with the likes of DealShare, Glowroad, Shop101, Mall91, Bulbul, and others, within the quickly rising social commerce house.
A 2019 PayPal report acknowledged that India is among the many main Asian markets for social commerce. The vertical is projected to be value $100 billion by 2025.
What’s Meesho’s secret sauce on this hyper-competitive house?
“Distinctive expertise coupled with excessive autonomy and a tech-first mindset. Having one of many highest GMV to workers ratio within the business is a testomony to it. Fixing the toughest issues with technology-first has given us immense leverage and velocity,” Vidit wrote in a tweet.