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FB makes its first startup investment in India

BENGALURU: Facebook has made its first fairness investment in an Indian startup- Meesho, which connects re-sellers to manufacturers to sell items by way of social-media platforms. Facebook's direct investment within the Bengaluru-based startup signifies the social media giant's ambitions in online trade in India. Facebook did not disclose the size of the investment however its India VP and MD, Ajit Mohan mentioned it would be now a minority shareholder within the four-year previous startup.

Meesho's re-sellers, who're most often entrepreneurs, house makers from small cities, depend heavily on Facebook crew platforms --WhatsApp and Facebook, to proportion the goods amongst consumers. These kind of entrepreneurs or re-sellers on Meesho are women, who're promoting online for the 1st time.

"We have been discussions with Meesho for about 2-3 months actively. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India," mentioned Mohan.

Started through IIT-Delhi graduates Vidit Aatrey and Sanjeev Barnwal, the company has raised over $65 million from marquee buyers like DST Partners, RPS Ventures (began through former SoftBank managing partner Kabir Misra), and Shunwei Capital amongst others. It has about 2 million re-sellers, who're in large part from non-metro cities. Mohan mentioned the company is targeting the first-time internet users, both in the case of re-sellers and consumers.

"Over the last 4 years we have grown from our humble beginnings at IIT, to 15,000 suppliers and 2,000,000 re-sellers throughout India. 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," added Aatrey.

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