Google Bets on Social Commerce Agency Meesho

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Search engine behemoth Google and social commerce firm Meesho are exploring the small print of a doable $50 million to $75 million funding by the previous, in keeping with media experiences on Friday (Oct. 22). 

Google’s funding is a part of Meesho’s newest fundraising spherical and will push the Bengaluru, India-based firm to a $4.9 billion valuation. 

Google’s funding is a part of its pledge to take a position $10 billion in India. The corporate additionally has invested in Indian startups like Dailyhunt, Look and others.

Meesho grew to become a unicorn — a personal firm valued at greater than $1 billion — in April when it raised $300 million in a fundraising spherical led by SoftBank Group that pushed its valued to $2.1 billion, up from its 2019 valuation of $700 million after a $125 million funding effort. 

The corporate has delivered orders from greater than 100,000 registered suppliers to greater than 26,000 clients in additional than 4,800 cities, producing over 500 crore (virtually $77.5 million) for particular person entrepreneurs.  

Meesho onboarded greater than 100,000 sellers via initiatives together with free advert credit and 0 return delivery prices. It at present has 250,000 sellers on its platform. The corporate, which lately launched an eCommerce platform, additionally switched to a 0% fee mannequin to draw extra sellers. 

The corporate is specializing in rising its grocery sector, dubbed Farmiso, via an internet providing that it hopes to roll out in additional than 200 cities throughout India. 

Associated: Snapchat Says Social Commerce Reliant on Augmented Actuality 

Social commerce is anticipated to exceed $36 billion this yr throughout the U.S., which is just about one-tenth of the social commerce gross sales projected in China. Greater than 14% of retail eCommerce gross sales in China come from social channels, in comparison with about 5% within the U.S. 

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN ENHANCE THE BILL PAYMENTS EXPERIENCE

About: Greater than half of utilities and client finance corporations have the aptitude to course of all month-to-month invoice funds digitally. The kicker? Simply 12% of them do. The Digital Funds Edge, a PYMNTS and ACI Worldwide collaboration, surveyed 207 billing and collections professionals at these corporations to be taught why going completely digital stays elusive.

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