SUMMARY
Meesho’s monthly app users increased 811% year-on-year (YoY) to 123 Mn in March 2022
Prosus has invested $162 Mn in Meesho in the past two years, including a follow-on round in August 2021 and a secondary transaction in November 2021
Prosus holds a 14% stake in the social commerce startup
Social commerce unicorn Meesho clocked approximately 2.8 Mn orders on an average daily basis during March 2022, which was 3.5x more than the previous year, according to Prosus’ performance review report.
Meanwhile, Meesho’s monthly app users increased 811% year-on-year (YoY) to 123 Mn during the same period. It showed immense growth in the previous year (2021), owing to the addition of business-to-consumer (B2C) to its business model, according to the report.
Prosus has invested $162 Mn in Meesho in the past two years, including a follow-on round in August 2021 and a secondary transaction in November 2021. At present, it holds a 14% stake in the social commerce startup.
The development came just a few hours after Meesho joined the Centre’s Open Network for Digital Commerce (ONDC) platform. Prior to that, three unicorns – Paytm, Dunzo and Shiprocket have also joined the ONDC network.
Set up in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho is an online reselling platform for small and medium-sized businesses (SMBs). It currently provides SMBs access to hundreds of thousands of Indian customers.
In September, the ecommerce unicorn said that its orders grew 68% year-on-year (YoY) during the festive sales (between September 23 and September 27). It further asserted that it clocked nearly 3.34 Cr orders during the five-day sale.
During the same time, it secured $192 Mn from its parent company Meesho Inc. Prior to that, Meesho secured $570 Mn in a funding round from B Capital Group and Fidelity Management.
In August, the startup downsized its grocery vertical, Meesho Superstore, after closing operations in most of the Indian cities, excluding Nagpur and Mysore.
Earlier, its cofounder Vidit Aatrey said that the startup would list on the bourses in the next 12-24 months.
At present, the company gives competition to ecommerce giants like Amazon and Flipkart.
