Meesho secures $300 mn funding: Tiger Global leads, SoftBank's participation and further details
PTC News Desk: Meesho, the social commerce platform, is poised to raise $300 million in funding from prominent investors, including Tiger Global and SoftBank, as reported by Moneycontrol, citing sources familiar with the matter. The funding round will be led by Tiger Global and Peak XV Partners, with a combined investment of $150 million.
In addition to Tiger Global and SoftBank, existing investors like Peak XV Partners and Mars Growth Capital are expected to participate in the funding round. Notably, this marks Tiger Global's return to the Indian market, representing the investor's first major investment since Scott Shleifer's departure in November. This funding round is particularly significant for Meesho, as it represents one of the few large investment rounds the company has secured over the past year.
Reportedly, Meesho's latest funding round is being led by Tiger Global and Peak XV Partners, with a combined investment of $150 million. Peak XV, along with some of its limited partners (LPs), is expected to contribute $70 million to the round. While Tiger Global is a new investor in Meesho, Peak XV is an existing backer that first invested in the firm in 2018.
The current valuation of Meesho stands at $3.9 billion, marking a 20% decrease from its previous valuation of $4.9 billion during the 2021 fundraising round. The remaining $150 million for the funding round is anticipated to come from SoftBank, an existing investor, with $30 million allocated.
A source informed Moneycontrol that Meesho is transitioning its base back to India from Delaware, with a significant portion of the fresh capital earmarked for settling relevant taxes ahead of its planned IPO.
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During the previous fiscal year, Meesho managed to reduce its losses significantly, halving them to Rs 1,675 crore from Rs 3,251 crore in FY22. Additionally, the company witnessed a substantial growth in revenue from operations, surging by 77% from Rs 3,232 crore in FY22 to Rs 5,735 crore in FY23.
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(Inputs from agencies)
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