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Tag: Vidit Aatrey

  • Meesho partners with ONDC to democratise internet commerce

    Meesho partners with ONDC to democratise internet commerce

    Mumbai: E-commerce company Meesho on Wednesday announced its integration with Open Network for Digital Commerce (ONDC) to help connect buyers with hyperlocal sellers and support India’s vision of creating an inclusive e-commerce ecosystem.

    In line with Meesho’s mission to democratise internet commerce for everyone, the integration will fuel the discoverability of products for consumers while creating a wider market for hyperlocal suppliers. The pilot will first be launched in Bangalore and gradually rolled out in other locations over the coming months.

    With 80 per cent of Meesho’s 14 crore annual transacting customers coming from tier-two+ cities, the company has been instrumental in boosting access for underserved users across the country.  More than eight lakh sellers are currently registered on the platform, of which 40 per cent are from tier two cities and beyond. Meesho has always focused on making e-commerce more inclusive and the integration with ONDC will amplify the company’s efforts in that direction.

    Meesho founder and CEO Vidit Aatrey said, “With a shared goal to empower small sellers and give a fillip to hyperlocal businesses, the integration will boost our efforts to democratise internet commerce for everyone. ONDC will also play an important role in expanding India’s e-commerce sector by bringing more consumers online. We have been working closely with ONDC to ensure that the integration is smooth and the user experience remains seamless.”

    ONDC chief executive officer T Koshy commented, “At ONDC, our aim is to create an open e-commerce ecosystem that caters to one and all. We are pleased to onboard Meesho, as its deep capabilities in small towns will set the network flywheel in motion and take ONDC closer to our goals. E-commerce is still small in India, and new-age platforms like Meesho will be strong network participants for ONDC in this journey.”

  • Meesho raises $300 million in fresh funding

    Meesho raises $300 million in fresh funding

    KOLKATA: Social commerce platform Meesho has raised $300 million in a new round of funding led by SoftBank Vision Fund 2. The latest investment values Meesho at $2.1 billion.

    The start-up will use the new fund raise to strengthen its talent pool across verticals — tech, product, and business, among others. It saw participation from existing investors — Prosus Ventures, Facebook, Shunwei Capital, Venture Highway and Knollwood Investment.

    SoftBank Investment Advisers managing partners Munish Varma said, “Globally, 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.  We look forward to being a part of this journey.”

    Meesho aims to simplify e-commerce for all small businesses in India. It will help the company to build a platform which is pro-small businesses with policies and tools to help even the smallest of sellers to list and do business on Meesho. This will empower small business owners to reach customers through all online channels.

    In the past year, the platform has seen tremendous growth across small businesses and entrepreneurs seeking to move their businesses online, Meesho founder and CEO Vidit Aatrey said.

    “With the new round of funding, we are extremely thrilled to have SoftBank onboard. We are focused on expanding our vision — from helping aspiring women entrepreneurs to creating Meesho as a single ecosystem that will enable all small businesses in India to succeed online,” he added.

    Over the last six years, Meesho has successfully enabled over 13 million individual entrepreneurs to start their own online businesses with zero investment, bringing the benefits of e-commerce to more than 45 million customers in the country. Till date the company has delivered orders from 100K+ registered suppliers to over 26,000 pin codes in more than 4,800 cities, generating over 500 crore in income for individual entrepreneurs and serving customers in more than 4,500 tier-2 cities and beyond.

  • Meesho on Fast Company’s top 50 most innovative companies’ 2020 global list

    Meesho on Fast Company’s top 50 most innovative companies’ 2020 global list

    MUMBAI:  Meesho a social commerce platform, today announced that it has secured the #14 spot on Fast Company’s World’s 50 Most Innovative Companies (MIC) 2020 list, the only Indian company to be featured this year. Meesho is also #1 on MICs’ India list. The list includes businesses making a profound impact on industry and culture, showcasing innovative ways to thrive in a fast-changing world. This year’s MIC list features 434 businesses from 39 countries.

    Meesho has enabled over 2.8 million Indians to start their own business without capital. With its uniquely Indian model, Meesho has brought millions of women from small towns back into the workforce, empowering them to earn a sustainable livelihood by selling on WhatsApp, Facebook, and Instagram. Through these 2.8 million social sellers, Meesho has created a disruptive distribution channel for 40,000+ suppliers and manufacturers, many who have come online for the first time.

    “Over 80 per cent of first-time entrepreneurs created through the Meesho model are women. We've been able to build a simple yet powerful ecosystem that has empowered them to earn from home. This recognition is a testament to the scale of social impact we have created in just three years and our commitment to building a strong community of self-starters by enabling anyone to start a business without capital,” said Meesho founder and CEO Vidit Aatrey.

    The World’s Most Innovative Companies is Fast Company’s signature franchise. It provides a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.

    “At a time of increasing global volatility, this year’s list showcases the resilience and optimism of businesses across the world. These companies are applying creativity to solve challenges within their industries and far beyond,” said Fast Company senior editor Amy Farley, who supervised the issue with deputy editor David Lidsky.

    Fast Company’s Most Innovative Companies issue (March/April 2020) is now available online at www.fastcompany.com/most-innovative-companies/2020.