Meesho most downloaded | Freshworks share sale | 35th unicorn🦄
Meesho top downloaded Indian app, Freshworks initiates $500 mn share sale, Good Glamm group turns into unicorn, Funding Deals & more.
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Social commerce start-up Meesho top downloaded Indian app🛍
Social commerce platform Meesho has beaten Facebook to become the most downloaded Indian app, with 25 million downloads in the month of October, according to data by SensorTower, which was seen by Business Today.
Facebook, which now comes under the newly renamed Meta Platform, reported 23 million downloads in the same month. Data collated by SensorTower includes downloads for the App Store and Google Play worldwide between October 1-31.
Meesho registered 750 per cent growth in users over the last year during its flagship festive sale event – Maha Indian Shopping League from October 6-9. About 60 per cent of the total demand was driven by Tier 4+ markets, including remote locations like Khawzhwal and Sopore, the report added.
Freshworks initiates $500 million share sale to tap listing gains💰
Freshworks Inc. has initiated a share sale worth more than $500 million to allow top executives — including cofounder and chief executive Girish Mathrubootham — and employees to cash out post the company’s blockbuster listing on Nasdaq in September.
The development comes as the mandatory lock-in period after the IPO ends, allowing shareholders to sell up to 20% of their stake in the company. It is also one of the largest payouts in Indian startup history, second only to the $800 million that Walmart Inc. offered to Flipkart employees for their shares in 2018.
Top selling shareholders include founder Girish Mathrubootham, who is selling about 24.22 lakh shares, chief financial officer Tyler Sloat, who is selling about 4.5 lakh shares, and chief revenue officer Jose Morales, who is selling about 3 lakh shares, the reports added.
Revenue grew to $96.6 million in the three months ended September 30, 46% up from the year-ago period, though loss came in at 4 cents a share. Still, the company beat analyst estimates by a large margin.
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Good Glamm group turns into a beauty unicorn🦄
Good Glamm Group, previously known as MyGlamm, has become India’s first beauty commerce startup to turn a unicorn after it raised $150 million in a Series D funding round led by Prosus Ventures (Naspers) and Warburg Pincus.
The funding round valued the content-to-commerce platform at $1.2 billion. Good Glamm is the 35th startup this year to join India’s fast-growing club of unicorns.
MyGlamm recently rebranded itself as Good Glamm Group in a bid to consolidate its businesses under a single brand.
These comprise personal care brands, including cosmetics brand MyGlamm, premium mom-and-baby brand MomsCo, and baby products brand Baby Chakra, which it acquired this year.
These brands leverage the group’s proprietary digital assets, which comprises content brand POPxo for women, parenting platform BabyChakra, and recently acquired ScoopWhoop.
It also owns influencer management platform Plixxo, which has close to 220,000 influencers onboard.
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