Google in talks to invest in Facebook-backed Indian social commerce Meesho – TechCrunch

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Google has been discussing investing more than $ 50 million in Indian social commerce startup Meesho. Recently secured $ 570 million in funding roundAccording to sources familiar with the matter.

Another Android maker who has helped more than half a dozen startups in India hasn’t invested in Meesho yet, according to another person familiar with the matter.

With Facebook, B Capital, SoftBank, Sequoia Capital India, Y Combinator and Elevation Capital as early investors, Meesho connects suppliers (makers and distributors) and resellers with customers on social media platforms such as WhatsApp3 Operates a marketplace on Facebook, Facebook and Instagram. Resellers purchase the listed products from their suppliers and pay a commission for each transaction when they sell them to their customers.

About 80% of platform resellers are women. From the beginning, startups aimed to help women start their businesses without the need for capital. Like many other e-commerce companies, the startup, which was hit hard by last year’s pandemic, has fully recovered and achieved the highest growth ever in recent months.

Meesho’s recent rapid growth was the topic of some serious discussions at Flipkart, India’s largest e-commerce company, according to two people working on the company’s recently launched social commerce initiative. ..

As of April this year, 13 million entrepreneurs and more than 100,000 suppliers were using Meesho, startup founder Vidit Aatrey told TechCrunch in an interview last month.

At stake is the world’s second-largest Internet market, with e-commerce having little impact on retail as a whole. The social commerce market is worth up to $ 20 billion by 2025 and is expected to grow from about $ 1 billion to $ 1.5 billion last year, according to Bernstein analysts.

“Social commerce has the ability to empower more than 40 million small entrepreneurs across India. Today, 85% of sellers using social commerce use social channels to grow new. It’s a small, offline-oriented retailer that opens up opportunities, “they write.

Google has promised to invest $ 10 billion in India over the next few years Backed Indian startups Glance and Daily Hunt.. YouTube Acquired social commerce startup SimSim in July this year..Earlier this month, the company Bangalore-based neo-banking startup Open..

Google in talks to invest in Facebook-backed Indian social commerce Meesho – TechCrunch Source link Google in talks to invest in Facebook-backed Indian social commerce Meesho – TechCrunch

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