Social commerce startup Meesho raises $570 mn, valuation doubles to $4.9 bn

India's unorganised retail sector, worth an estimated $792 billion, is set for the next wave of growth

Social e-commerce start-up Meesho on Thursday said it has raised $570 million, led by Fidelity Management & Research Company and B Capital Group, a venture capital firm co-founded by Facebook Co-Founder Eduardo Luiz Saverin. Existing investors Prosus Ventures (formerly Naspers Ventures), SoftBank Vision Fund 2, and Facebook also participated in this round. Other new investors include Footpath Ventures, Trifecta Capital, Good Capital, and others. Following the fund-raise, the company’s valuation more than doubled to $4.9 billion in less than five months.

In April this year, Meesho became the latest start-up to enter the hallowed unicorn club after raising $300 million in