Meesho gets $50mn from Shunwei Capital, others

Bengaluru- and California-based Meesho, an online marketplace for resellers, has raised $50 million (Rs 365 crore) in a Series C round of funding, the company said in a statement. China′s Shunwei Capital, Russian billionaire Yuri Milner's DST Partners and RPS Ventures, a fund set up by former SoftBank managing director Kabir Misra, were the new investors in the round. Existing investors Sequoia Capital India, SAIF Partners, Venture Highway and Y Combinator also took part in this round, Meesho said. The start-up said that it will use the fresh capital to build a stronger product, scale its technology team, expand into more categories and grow its domestic and international supply base. Tuck Lye Koh, Founding Partner and CEO of Shunwei Capital, said: “Social e-commerce is the next big thing in the e-commerce space of India. We strongly believe that Meesho's social reselling model is highly suitable for the great number of new-to-Internet buyers.” Meesho′s announcement comes just a day after Shunwei, which has previously backed Indian start-ups such as ShareChat and Vokal, said it had raised $1.21 billion for new funds.