Facebook India said on Thursday that it made an investment in a startup called Meesho. The announcement was made by Ajit Mohan, vice-president and managing director of Facebook India and he specified it was a minority stake.
rMeesho facilitates an innovative three-way marketplace enabling resellers, small and medium businesses (SMBs), and micro-entrepreneurs across India to connect with potential buyers using social media.
Earlier Facebook acquired an Indian startup which made software tool for checking the performance of the Android apps in 2014.
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“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,” said Mohan.
The reason of Facebook investing in Meesho was that one, Meesho’s model is now focusing on tier 2 and tier 3 cities with more scope of growth and two, that they have more than 2 million resellers, 80% of whom are women, most of whom are starting a business for the first time, thus fuelling female entrepreneurship.
Vidit Aatrey, co- founder, Meesho said, “We share a common goal with Facebook — to enable the community and help small businesses grow. This commitment from Facebook will help us leapfrog towards our goal.”