E-commerce platform Meesho last raised funds about 15 months ago in September 2021. At that time, the company raised an amount of $ 570 million under the leadership of Fidelity Investments and B Capital Group.
Image Credit source: Representational Image
E-commerce platform Meesho last raised funds about 15 months ago in September 2021. At that time, the company raised an amount of $ 570 million under the leadership of Fidelity Investments and B Capital Group. Six months earlier, the company had raised Rs 300 million in Series E round led by SoftBank Vision Fund.
The company said – no need for funding
Where industry experts say that Meesho based in Bengaluru may not organize the next round of funding. At the same time, the company’s co-founder and CEO Vidit Atre has a different opinion. He claims that Meesho no longer needs to raise funding.
According to Business Today’s report, Atre said that he is happy that he raised good money in 2021, much more than what was needed. He further said that as on date, we have no plans to raise money as we have more than what we need in the bank. And can continue the business in a good way for many years.
Atre said Meesho’s next fund raising is likely to be through the public markets. He further said that there is a good expectation that the next round of financing will be an IPO. But in 2023, the plan is to go into profit as soon as possible. And once that is done, the need for external capital becomes very less.
Company’s growth has been excellent
Meesho is one of the most funded startups in India. The company has raised over $1 billion in venture capital from domestic and global investors. Between August 2019 and September 2021, the company’s valuation increased by $700 million to $4.9 billion. Where VC dollars contributed in the initial phase of its rapid growth. At the same time, the focus of the company has not gone towards profit. Vidit says that once they reach profitability, they are ready to IPO. He further said that then the market also needs to be ready.
Meanwhile, Meesho’s two main investors SoftBank and Prosus Ventures are confident that the e-commerce company will start earning profits in months, not years.
Source: www.tv9hindi.com”