afaqs! news bureau

Meesho secures $275 million in funding to compete with rivals like Flipkart and Amazon

Meesho secures $275 million in funding, with an initial target of $600 million, and is now preparing for an IPO.

According to a report on ET, Meesho, an Indian social commerce platform, has raised $275 million in the first part of a larger funding round with the goal of reaching a total of $600 million. The company from Bengaluru is said to be in talks with a prominent investor in the e-commerce industry, who is known for investing in Flipkart at an early stage.

The funding round shows Meesho's remarkable expansion, with a total of $1.36 billion raised since its founding in 2015. The funding strategy of the company has transformed as investors now focus on securing new capital to support future expansion. Meesho is thinking about reversing its US incorporation before an IPO in India, as its current valuation is just under its peak valuation.

This procedure includes tax consequences, which the current round of funding is focused on resolving. The investment round sets Meesho up for ongoing achievements in the challenging Indian online shopping market. In September 2021, the company received $570 million as its most recent primary capital.

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