Introduction

Based in Bangalore, Fashnear Technologies is an Indian e-commerce startup that operates under the Meesho brand, which is short for Meri Shop, which means "My Shop". It facilitates trade by acting as an online marketplace that links suppliers, resellers, and buyers by utilizing social media sites like Facebook and Instagram.

History

When Vidit Aatrey and Sanjeev Barnwal, two IIT Delhi grads, started Fashnear Technologies in December 2015, their original goal was to provide an on-demand fashion delivery service, but they were unsuccessful. In 2016, they made the switch to Meesho, allowing resellers to use social media marketing to supply products all across the country. Meesho reached 563,000 users and 3.1 million monthly orders by March 2020. It grew to become one of the fastest-growing e-commerce platforms in India, with a projected GMV of $5 billion by 2022. In 2023, Time magazine named Meesho as one of the top companies. It was also the first shopping app to reach 500 million downloads in record time. It introduced Valmo, a logistics marketplace for vendors, in 2024, and as of right now, it has 120 million active monthly users.

Funding

Numerous investors, including Fidelity, SoftBank, Prosus, B Capital Group, Sequoia India, and Meta, support Meesho. It has finished a number of funding cycles

October 2017 Series A $3.4 million

Series B $11.5 million as of June 2018

Series C $50 million (November 2018)

Series D (Jun 2019) $25 million (Facebook funds first Indian startup)

Series F (September 2021) B Capital Group and Fidelity are leading with $570 million

Meesho has raised about $1.1 billion as of 2021, and it has $400 million in cash on hand.