Facebook to buy stake in Indian e-commerce start-up MeeshoArchive
Facebook is buying a stake in Indian e-commerce start-up Meesho, Ajit Mohan, the head of the United States tech giant's Indian business said on Thursday, looking to deepen its reach in one of the world's biggest internet markets.
Meesho, a digital platform on which re-sellers of everything from jewellery to mobile phones reach prospective customers via social media platforms such as Facebook, WhatsApp and Instagram, already has about two million entrepreneurs focused on India's smaller towns and cities, the vice-president and managing director at Facebook India told Reuters.
“It reflects the new India that is showing up on the Internet,” Mohan added.
He declined to disclose the value of Facebook's investment in Meesho or the size of the stake it is acquiring.
The investment will help the e-commerce platform to further its “efforts to enable independent entrepreneurs to build businesses and grow their customer base via social channels”, Meesho said on its website.
Meesho, founded by two engineering graduates in 2015, has raised more than $65 million in funding and counts Shunwei Capital and DST Partners among its backers.
Mohan said Facebook's investment will help Meesho to maximise its impact on a central plank of India's economic growth agenda by supporting job creation through entrepreneurship.