Facebook Invests in Indian Startup Meesho
Jun. 14, 2019In its first-ever equity investment in an Indian start-up, Facebook on Thursday announced an investment in Meesho, a platform that enables Indian entrepreneurs to establish online businesses via social channels.
Although the social networking giant did not disclose the amount, the move by Facebook is seen as a commitment to the country’s vibrant Internet ecosystem.
“We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,” Ajit Mohan, Vice President and Managing Director, Facebook India, said in a statement.
“We love that the company is translating the power of online communities to expand economic opportunity for all of India, and especially women,” Mohan added.
According to Vidit Aatrey, Co-Founder, Meesho, the company has grown from its humble beginnings at IIT to 15,000 suppliers and 2,000,000 resellers throughout India in just four years.
“We share a common goal with Facebook – to enable community and help small businesses grow. This commitment from Facebook will help us leapfrog towards our goal,” said Aatrey.
India is the third largest start-up market globally and with its start-up initiatives like SheLeads Tech, Code for the Next Billion, India Innovation Hub and more, Facebook has come to discover that the start-up phenomenon is rapidly expanding to smaller cities.
