Meesho to host biggest festival sale event after crossing $4.9 bn valuation

Meesho, a social e-commerce startup, has announced the launch of its first major sale event, saying it will have over one lakh new sellers and daily orders from customers in India’s tier-two cities.

Meesho will host the Maha Indian Shopping League October 6 to 9 after raising $570 million in a funding round led by Fidelity Management & Research Company and B Capital Group, a venture capital firm backed by Facebook cofounder Eduardo Luiz Saverin. Existing investors Prosus Ventures (formerly Naspers Ventures), SoftBank Vision Fund 2, and Facebook had also participated in this round, besides others. The new funds doubled the company’s valuation more to $4.9 billion in less than five months.