Meesho’s valuation nears $5Bn🛍
Ola Electric raises $200M, Fb sees 35% jump in creators' monetisation and more.
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Indian social commerce Meesho raises $570 mn at $4.9 billion valuation🛍
Meesho has more than doubled its valuation in less than six months, to $4.9 billion, as a growing number of high-profile investors back the Indian social commerce startup that is reporting strong growth despite the pandemic.
The Bangalore-headquartered firm said on Thursday it has raised $570 million in its Series F financing round, following a $300 million Series E in April when it was valued at $2.1 billion. Fidelity and B Capital Group co-led the new financing round, bringing the startup’s all-time raise to over $1 billion.
As of April this year, 13 million entrepreneurs and over 100,000 suppliers were using Meesho. Meesho is now enabling 100 million SMBs(small and medium-sized businesses) across tier 2+ cities, empowering them to sell online, leveraging its digital commerce platform.
Ola Electric raises $200 million, to speed up electric bike, car production🛵
Ola Electric, India’s leading electric vehicles manufacturer, today announced that it has raised over $200 million in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company's valuation to $3 billion.
The latest funding, the company said, will further strengthen Ola’s “Mission Electric", urging the industry and consumers to commit to electric and ensure that no petrol two-wheelers should be sold in India after 2025.
Ola claims it has sold electric scooters worth over ₹1,100 crores in just two days earlier this month.
Hot Shorts⚡
OfBusiness, a B2B commerce startup, has raised fresh funding of $207 million led by New York-based investment fund Tiger Global. With this, its valuation has doubled to $3 billion from $1.5 billion in July.
BluSmart, an EV ride-hailing aggregator, has raised $25 million in a Series A round led by BP ventures.
Cusmat, an immersive skilling and training platform for industries, has raised $100,000 in pre-series A fund round led by We Founder Circle.
Facebook sees 35% year-on-year jump in creators monetising in India💸
The number of monetising creators and video publishers on Facebook in India has grown more than 35% year-on-year, and their revenue has grown by more than 160%, Facebook announced today while launching a creator education program in India, as it looks to build a strong creator economy around its family of apps.
The creator economy is a huge, largely unexplored market, one that all the major platforms are keen to tap.
In July, Facebook said that by the end of 2022, it plans to invest more than $1 billion in programs that give creators new ways to earn money for the content they create on Facebook and Instagram.
Tweet of the day🐥
⏩ Mukesh Ambani Asia's Richest, Gautam Adani Next With ₹ 1,002 Crore Earnings Per Day.
⏩ India's FinTech adoption rate highest in the world at 87%, beats 64% global average: Piyush Goyal
"When you find your WHY, you don't hit snooze anymore! You find a way to make it happen!"
- Eric Thomas
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