Facebook to buy stake in Indian e-commerce start-up Meesho

16 Juin, 2019, 08:09 | Auteur: Auguste Feret
  • Facebook makes its first investment in an Indian e-commerce startup Meesho

Facebook invested an undisclosed amount in an Indian social commerce startup Meesho.

And what's more, according to TechCrunch, Facebook is also open to exploring additional investment in other startups which are building unique solutions for the Indian market.

New Delhi- In its first-ever equity investment in an Indian start-up, Facebook on Thursday announced an investment in Meesho, a platform that enables Indian entrepreneurs to establish online businesses via social channels. On November 5, 2018, the company received Series C funding worth $50 million from investors including DST Partners, RPS Ventures, and Shunwei Capital.

Another deciding factor was the base of two million resellers on Meesho's platform, of which about 80 per cent are women entrepreneurs, he added. And with only around 25% of Indian adults connected to the web, and India emerging as the world's second-biggest smartphone market, the potential, over time, is major. We are excited about India and its rapidly rising internet ecosystem. "We have participated in fuelling India Internet and now want to play a clear and direct role in propelling job creation".

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Indeed, Facebook now has more users in India than it does in the United States, while the nation is also the second biggest market for LinkedIn (behind the US) and the third largest for Instagram.

Meesho, a digital platform on which re-sellers of everything from jewellery to mobile phones reach prospective customers via social media platforms such as Facebook, WhatsApp, and Instagram, already has about 2 million entrepreneurs focused on India's smaller towns and cities, the vice-president and managing director at Facebook India told Reuters.

Prior to this investment, Facebook had acquired Bengaluru-based Little Eye Labs which has a software tool for analyzing the performance of Android apps. "We share a common goal with Facebook - to enable the community and help small businesses grow".

"Over the last 4 years we've grown from our humble beginnings, to a community of more than 15,000 suppliers and 20,00,000 resellers throughout India. This commitment from Facebook will help us leapfrog towards our goal", he added.

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