Social media group Facebook has invested an amount reported by Hindu BusinessLine to be $25m in India-based social commerce platform developer Meesho.
Founded in 2015, Meesho runs an online marketplace that allows individuals to sell products supplied by the company’s partners using social media channels such as Instagram and Facebook.
The user receives a cut of the proceeds from each sale, however Meesho retains full control of payment processing and the supply chain.
The company received $50m in a November 2018 series C round featuring Shunwei Capital, DS Partners, RPS Ventures, Sequoia India, SAIF Partners, Venture Highway and Y Combinator that valued it at between $200m and $250m according to the Economic Times.
Meesho had raised $11.5m in a Sequoia-led round five months earlier. The round was described as a series B and included Venture Highway, Y Combinator and SAIF Partners, after the latter trio had supplied $3.4m of series A capital for the company in late 2017.
The company has also raised $350,000 in convertible note financing from multiple angel investors, according The Times of India.