The value of start-ups in the post-pandemic era is increasing especially which has something to do with the gaming market or the social media and e-commerce services. According to fresh sources, a Bangalore-based social commerce startup Meesho Inc. has managed to raise a whopping $300 million in new funding led by SoftBank Group Corp.’s Vision Fund 2. From what we found, the startup was valued at $2.1 billion.
Meesho Inc has investors like Prosus Ventures and Facebook Inc., and it has made the start-up a new member in the growing list of Indian unicorns, or startups valued at more than a billion dollars.
The company operates an online sales platform for micro, small and medium businesses across India and has stated that the funds will be used to “strengthen its talent pool” across all areas, including technology, product, and business.
“SoftBank has always been excited to back founders that provide unique solutions for the local market. By using the power of artificial intelligence and machine learning, Meesho has created a platform for many small business owners to sell to the next cohort of internet users.”
The founder of SoftBank, Masayoshi Son, has stressed the transformative potential of AI to drive innovation and business opportunity. His second Vision Fund was a year ago due to tremendous losses it suffered from investments in WeWork and Uber Technologies Inc.
But, the growing value and profit from SoftBank’s portfolio have once again given the confidence to the company’s founder to invest aggressively in the start-ups. Speaking of, Meesho, the company has over 13 million individual entrepreneurs as its customer. It helps them start online businesses. It has delivered orders from more than 100,000 registered suppliers to over 4,800 cities.