Indian e-commerce startup Meesho doubles valuation to $4.9bn
Company to focus on scaling business before going public, CEO says
Meesho was founded in 2015 as an online marketplace offering clothes mainly to female resellers, who earn commissions by recommending the products on social media platforms. (Screenshot from Meesho website)
TOKYO -- Indian e-commerce startup Meesho on Thursday said it raised $570 million from a group of investors in a funding round that valued the company at $4.9 billion.
It comes less than six months after its previous funding round, when it raised $300 million at a $2.1 billion valuation. The significant rise in its valuation highlights the growing interest in India's tech sector as regulatory uncertainty dents investor appetite in China.