Facebook has made its first startup investment in Meesho, an online marketplace in India
The social networking giant Facebook put in an undisclosed amount for a minority stake in Meesho, an online marketplace that connects buyers and sellers on social media platforms.
Meesho was started by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal in December 2015, the alumnus duo has so far raised $65 million from the likes of DST Partners and Shunwei Capital.
It enables small businesses and individuals to start their online stores via social channels such as WhatsApp, Facebook, Instagram, etc.
Over the last 4 years, Meesho has grown from a humble beginning to a community of more than 15,000 suppliers and 2,000,000 resellers throughout India.
Meesho shares a common goal with Facebook – to enable the community and help small businesses grow.
Facebook – which acquired Bengaluru-based startup Little Eye Labs in 2014 – launched its Marketplace in India last year.
India has the world’s second-largest internet user base, accounting for 12% of users worldwide, according to Mary Meeker’s 2019 Internet Trends report.
Reliance Jio factor
Reliance Jio’s cheap data plans and affordable smartphones boosted internet penetration, adding the telco doubled its subscriber base to 307 million last year, the report said
Globally, 51% of the population is now connected to the internet, up from just 24% a decade ago.
China has the world’s largest internet user base (21%) while the US comes in third (8%). India (12%) is home to the second largest internet user base, out of approximately 3.8 billion internet users worldwide.