Meesho turns unicorn, Swiggy raises mega round
What’s a better way to celebrate the arrival of the new fiscal than with big-ticket funding deals?
India now has a new unicorn as Meesho, a social commerce platform, raised $300 million in a new round led by SoftBank Vision Fund 2. The company’s valuation is now at $2.1 billion. With this funding, the startup plans to build a single digital ecosystem for 100 million small businesses.
(L-R): Sanjeev Barnwal and Vidit Aatrey, Co-founders, Meesho
This is the fourth Indian startup to enter the coveted billion-dollar club this year, following Digit Insurance, Innovaccer, and Five Star Business.
Over the years, Meesho has been targeting individual businesses owned and run by women entrepreneurs and homepreneurs who became successful and financially independent. The startup has enabled over 13 million individual entrepreneurs to start their own online business with no investment.
Swiggy has raised $800 million in a round led by Falcon Edge, Amansa Capital, Think Investments, Carmignac, and Goldman Sachs. A source has confirmed to YourStory that with this funding, the company's valuation has now touched $5 billion.
Image Source: Shutterstock
This mega fund raise was after the startup launched Genie and Instamart that helped Swiggy complete 100 million orders till October 2020 after the coronavirus-induced lockdown led to a drop in orders.
Last year, it also introduced Health Hub, a health food discovery feature, which offers around 90,000 healthy dishes, as consumers are becoming more health-conscious.
More than 20 years ago, Chandrashekhar Ghosh first started microfinance operations for women in rural West Bengal to provide financial services to the underbanked community. Today, Bandhan Bank has more than 15 million women customers who make up two-thirds of the bank’s total customer base of 22 million.
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News & Updates
- Edtech startup BYJU'S has completed the acquisition of test prep service provider Aakash Educational Services Ltd (AESL) in a reportedly $1 billion deal. AESL founders JC Chaudhry and Aakash Chaudhry, and Blackstone Group are set to become shareholders in BYJU'S.
- Homegrown venture capital fund IvyCap Ventures announced the sale of its stake in B2B healthcare platform Pharmarack at an annual IRR of 104 percent. IvyCap had invested Rs 21 crore in Pharmarack in 2019.
- SBI Cards and Payment Services has been seeing over 50 percent of its transactions via online payments. SBI Card MD and CEO Rama Mohan Rao says most of these transactions take place for payments on groceries, utility bills, and insurance premium.
- India Accelerator plans to expand its startup portfolio by over three-folds in 2021 with investment in around 100 such ventures. The company invests Rs 25 lakh in select startups every year, mentors them, and connects them with other investors.
Before you go, stay inspired with…
Vidit Aatrey, Founder and CEO, Meesho
“We wanted to give every small business in India their own online store...Today, millions of users are using Meesho to sell their products across several categories.”