Meesho

Last updated

Meesho
Industry E-commerce
FoundedDecember 2015;9 years ago (2015-12)
Founders
  • Vidit Aatrey
  • Sanjeev Barnwal
Headquarters Bangalore, Karnataka, India
Area served
India
Key people
Services Online shopping
RevenueIncrease2.svg₹5,735 crore (US$670 million) (FY23) [2]
Decrease Positive.svg₹−1,675 crore (US$−200 million) (FY23) [2]
OwnerFashnear Technologies Private Limited
Website www.meesho.com

Fashnear Technologies Private Limited doing business as Meesho (short for Meri Shop, trans. My Shop) [3] is an Indian e-commerce company headquartered in Bangalore. [4] [5] It is an online marketplace that facilitates trade between suppliers, resellers and customers, with heavy reliance of external social media platforms such as Facebook and Instagram. [5] [6]

Contents

History

Fashnear Technologies Private Limited was established by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December, 2015 [7] [8] as an on-demand delivery service like Swiggy but for fashion products from local shops. The startup failed. In 2016, the founders came up with the idea of re-establishing the platform as Meesho, one that would enable country-wide shipping for resellers with the use of social media sites as tools for marketing. [9] [4]

Meesho had 209,000 users and 1.2 million orders per month in February 2019 and 563,000 users and 3.1 million orders per month in March 2020. [10] It saw big growth during 2021 and 2022. [11] Meesho's monthly transacting user count rose 26 times during 2020–2022. Globally, Meesho mobile app was among the top most downloaded apps in 2021. [12] In 2022, Meesho had about 120 million monthly users and about 910 million orders were made through the platform. It soon became one of India's fastest growing e-commerce platforms. [13] Its gross merchandise value (GMV) increased ninefold in two years [13] and was at about $5 billion in 2022 (for comparison, Flipkart's GMV stood at $23 billion). [14] [15]

In 2023, Meesho was named one of the most influential companies of the year by Time (magazine). [16] [17] In the same year, Meesho also became the fastest shopping app to cross over 500 million downloads. [18] [19]

In 2024, Meesho introduced Valmo, a logistics marketplace, to provide shipment services to sellers by aggregating multiple logistics providers. Meesho employs over 3,000 small businesses and 10-12 large firms for warehousing and sorting operations within its logistics framework. [20]

According to a report by The Economic Times, Meesho's Gross Merchandise Value (GMV) exceeds $5 billion, with a focus on fashion, beauty, and home categories. The platform boasts 120 million monthly active users, with 80% of its sellers identified as retail business owners and 95% of its offerings being unbranded. [21]

Funding

Meesho is funded by multiple investment companies including Fidelity, Softbank, [22] Prosus, B Capital, Sequoia India [23] and Meta. [24] Meesho has held many funding rounds.

In 2021, the company announced that it had raised approximately US$1.1 billion in funding thus far and currently has a cash buffer of US$400 million. [27] [28] [29]

See also

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References

  1. ↑ Singh, Rajiv (11 November 2021). "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 20 September 2023.
  2. 1 2 Manchanada, Kunal (29 December 2023). "Meesho reports Rs 5,735 Cr revenue in FY23; losses shrink 48%". Entrackr. Retrieved 27 January 2024.
  3. ↑ "Meet Vidit Aatrey And Sanjeev Barnwal, The Meesho Founders Whose Earlier Venture Failed". News18. 12 April 2023. Retrieved 1 June 2024.
  4. 1 2 "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Retrieved 17 May 2023.
  5. 1 2 "Tech in Asia – Connecting Asia's startup ecosystem". techinasia.com. Retrieved 17 May 2023.
  6. ↑ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". WSJ. Retrieved 20 September 2023.
  7. ↑ "Meesho Creates Stores for Indian SMBs Selling Through WhatsApp". Y Combinator. Retrieved 17 May 2023.
  8. ↑ "Vidit Aatrey & Sanjeev Barnwal: Redefining Distribution With Meesho". Forbes India. Retrieved 1 June 2024.
  9. ↑ Russell, Jon (18 August 2016). "Meesho wants to make selling through WhatsApp more efficient and less painful". TechCrunch. Palo Alto, California. Retrieved 26 August 2023.
  10. ↑ "Meesho logs 17.8 mn users in Sept; aims to reach 100 mn by Dec 2022". Business Today. 16 November 2021. Retrieved 17 May 2023.
  11. ↑ Purnell, Newley (22 October 2022). "Meta-Backed Meesho Is Beating Amazon, Walmart in Race for Indian Shoppers". Wall Street Journal. ISSN   0099-9660 . Retrieved 30 May 2023.
  12. ↑ "How Meesho's Big, Bold Bets Took It Close To $5-billion Valuation At Lightning Speed". Forbes India. Retrieved 17 May 2023.
  13. 1 2 "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN   0971-751X . Retrieved 17 May 2023.
  14. ↑ "Meesho's average monthly user count 55 per cent that of Flipkart, Amazon India: Report". www.thehindubusinessline.com. 22 April 2023. Retrieved 17 May 2023.
  15. ↑ "With 910 million orders in 2022, Meesho grew 135% y-o-y". Financialexpress. 22 December 2022. Retrieved 17 May 2023.
  16. ↑ "TIME100 MOST INFLUENTIAL COMPANIES 2023". Time . Tara Law. Retrieved 21 June 2023.
  17. ↑ "Meesho on TIME's 100 most influential companies". moneycontrol.com/. MONEYCONTROL NEWS. Retrieved 22 June 2023.
  18. ↑ "Meesho becomes world's fastest shopping app to cross 500 mn downloads". business-standard.com/. Peerzada Abrar. Retrieved 1 June 2023.
  19. ↑ "'Meesho becomes world's fastest shopping app to cross 500 million". timesofindia.indiatimes.com/. Asmita Dey. Retrieved 2 June 2023.
  20. ↑ "Meesho launches logistics vertical Valmo". The Economic Times. 7 February 2024. Retrieved 4 April 2024.
  21. ↑ Goel, Pallavi (25 January 2024). "ET Retail". ETRetail.com. Retrieved 4 April 2024.
  22. ↑ "Meesho's growing scale, differentiated business model make profitability a reality in 2023: Jefferies". The Hindu. 24 April 2023. ISSN   0971-751X . Retrieved 17 May 2023.
  23. 1 2 Shu, Catherine (7 June 2018). ""Social selling" startup Meesho lands $11.5M Series B led by Sequoia India". TechCrunch. Retrieved 26 August 2023.
  24. 1 2 Singh, Manish (13 June 2019). "Facebook backs social commerce startup Meesho in first India investment". TechCrunch. Retrieved 17 May 2023.
  25. ↑ Shu, Catherine (13 October 2017). "Social commerce startup Meesho gets $3.4M Series A to build a reseller network in India". TechCrunch. Retrieved 26 August 2023.
  26. ↑ Russell, Jon (6 November 2018). "India's Meesho, which enables social commerce via WhatsApp, raises $50M". TechCrunch. Retrieved 26 August 2023.
  27. ↑ "Meesho raises more than half a billion dollars in the fourth biggest funding round this year". www.businessinsider.in. Retrieved 17 May 2023.
  28. ↑ "Social e-com firm Meesho eyes $500-mn war chest; funds to be used for M&As". www.business-standard.com. 25 March 2022. Retrieved 17 May 2023.
  29. ↑ "Meesho eyes EBITDA breakeven this year". FashionNetwork.com. Retrieved 17 May 2023.
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