Meesho, which is a B2B e-commerce platform, is ready to start its festive four-day event sale. Its competitor Amazon India, Flipkart, and Myntra are old in the line and have already started their festive season sales from 3rd October. Vidit Aatrey and Sanjeev Barnwal founded Meesho in 2015, a Bengaluru-based startup that has recently joined the unicorn category. It’s a platform for small businesses and individuals to use social media sites like WhatsApp, Facebook, and Instagram to create online stores. In August 2021, it was also named the most downloaded app in India. This year they also raised $300 million in April, led by SoftBank Vision Fund 2, for a $2.1 billion value. Facebook Prosus Ventures, Shunwei Capital, Venture Highway, and Knollwood Investment were among the existing investors. Not only this, but recently they also successfully raised $570 million in Series F led by Fidelity Management & Research Company and B Capital Group.
They predict 3x daily orders from tier-2 cities from the festivals season deals. Already Meesho’s monthly transactional users increased by 2.8x in the last six months and also saw an increase in monthly orders. The company launched an industry-first 0% seller compensation plan earlier this year, which resulted in a 10x increase in vendors joining the marketplace.
From ‘Maha Indian Shopping League,’ Meesho expects a positive result and 3x more daily orders through this deal. Through the opportunity, they aim to connect customers with over 2.5 lakh retailers and 700+ product categories. The sale would be from October 6 to 9. Meesho sales also offer the chance of winning prizes which would be worth of Rs 20 crore. Users will have the chance to win prizes every hour, which includes a premium car, total cash rewards of Rs 1 crore, Meesho credits worth Rs 15 crore, appliances worth over Rs 2 crore. Seeing the popularity of online shopping in the country’s Tier-2 cities and beyond, Meesho said it had launched several programs to encourage people in such locations to participate.
Vidit Aatrey, the Founder and CEO of Meesho, said that they are excited about the Maha Indian Shopping League and wanted to recreate Bharat’s festive shopping experience. They genuinely want to democratize internet commerce and so have reduced entry barriers and kept it simple for sellers to do business with them. They allow more small companies around the country to join them and sell online through their platform. This provides Tier 2+ shoppers access to a broader choice of high-quality products. Today, 5% of Indian households purchase from Meesho regularly, and they intend to make seasonal shopping more accessible and more rewarding for many more. Meesho is also providing free ad credits and no-return shipping charges on the first 30 orders.
Meesho shifted from social commerce startup to an e-commerce platform, competing with companies like Amazon and Flipkart, who are also attempting to reach out to small towns.
Meesho wants to push deeper into India’s less privileged markets and has expanded its category offerings to car accessories, pet supplies, sports, and fitness, using the platform’s price factor by connecting dealers directly with shoppers.