Current Valuation: $4.9 bn (as of Feb 2023)

Funding Raised: $1.1 bn

No. Of Funding Rounds: 11

No. Of Investors: 33

Loss: ₹3,247.8 crore

Revenue: ₹6,670.2 crore in FY22

Did you know that Meesho, India’s 43rd unicorn, is the country’s first social commerce platform to become a unicorn?

Meesho, then known as FASHNEAR, was founded in 2015, in Bangalore. Two young entrepreneurs named Vidit Aatrey and Sanjeev Barnwal were about to embark on a journey that would revolutionize the way people buy and sell goods.

By connecting manufacturers and resellers through the power of social media, Vidit and Sanjeev tried to create a platform that would empower individuals to start their own businesses with minimum investment.

Little did they know that FASHNEAR would soon become a game-changer in the world of e-commerce.

The online reseller platform has an impressive network of over 20,000 suppliers from more than 500 localities, all working in harmony with over 2 million resellers.

The platform is based on a commission-based model, where sellers can earn money by adding a margin to each transaction.

Vidit Aatrey, the CEO of Meesho, brought his expertise in operations from his previous experience at InMobi and ITC Limited.

Meanwhile, Sanjeev Barnwal, the Chief Technological Officer, brought his technical knowledge, having graduated from IIT Delhi with a degree in engineering.

Initially, FASHNEAR would allow its customers to buy clothes and fashion accessories from the shops in their locality. However, the duo realized that the business model of FASHNEAR to sell products locally was not a feasible one.