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Facebook invests in Indian start-up Meesho

IANS  |  New Delhi 

In its first-ever equity investment in an Indian start-up, on Thursday announced an investment in Meesho, a platform that enables Indian entrepreneurs to establish online businesses via social channels.

Although the did not disclose the amount, the move by is seen as a commitment to the country's vibrant

"We are excited about and its rapidly rising With this investment in Meesho, we want to fuel a model that can result in rapid job creation and the rise of a female entrepreneurial class in India," Ajit Mohan, Vice President and Managing Director, India, said in a statement.

Facebook in 2017 introduced a programme for women-founded companies - SheLeads Tech - to support them with access to community, tools, mentorship and resources to succeed in building a in technology.

"We love that the company is translating the power of to expand economic opportunity for all of India, and especially women," Mohan added.

According to Vidit Aatrey, Co-Founder, Meesho, the company has grown from its humble beginnings at IIT to 15,000 suppliers and 2,000,000 resellers throughout in just four years.

"We share a common goal with Facebook - to enable community and help small businesses grow. This commitment from Facebook will help us leapfrog towards our goal," said Aatrey.

is the third largest market globally and with its initiatives like SheLeads Tech, Code for the Next Billion, India Innovation Hub and more, Facebook has come to discover that the phenomenon is rapidly expanding to smaller cities.

--IANS

na/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 13 2019. 20:04 IST
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