Facebook's First Investment Is In Meesho The Indian E-commerce Startup
CTVCucLe - Jul 15, 2019, 12:32 pm IST
Facebook has just made its first investment in India on Meesho, an Indian start-up digital re-seller platform.
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Meesho is a popular Indian start-up digital platform for a variety of re-sellers to connect with their prospective customers. The business is done via famous social media platforms like Instagram, Facebook, WhatsApp, etc. According to Ajit Mohan, the Facebook Indian vice-president and managing director, in a talk with Reuters, Meesho is having approximately 2 million entrepreneurs that are mostly focused on India’s smaller cities and towns.
"It reflects the new India that is showing up on the Internet," he added.
With that potential, Facebook is investing strongly in Meesho, as announced by the head of Facebook's Indian business. Its aim is to infiltrate deeply in India - one of the largest digital markets in the world.
Ajit Mohan also refused to reveal the exact value of how much the social media giant has invested in Meesho or how large the stake it's acquiring.
Meesho announced on its official website that this Facebook investment could help to increase its "efforts to enable independent entrepreneurs to build businesses and grow their customer base via social channels."
Starting with only two engineering graduates in 2015, Meesho has raised over-$64-million fund in which including DST Partners and Shunwei Capital as some of the highlighted backers.
Mohand said that his company's investment will be a great help for Meesho to maximize its impact on a central plank of India's economic growth agenda by helping job creation through entrepreneurship.
Facebook, Twitter, messenger app WhatsApp and other social media platforms have been scrutinized intensely by the Indian federal government. Strict Indian rules force companies to control the content uploaded on social media every moment.
New Delhi stated previously that consultations would be held widely in India among different Internet companies in order to finalize the rules regulating online content.