Meesho is a social commerce platform. It made the headlines in 2021, when it joined the unicorn club. This happened after it got a successful funding round led by SoftBank Group Corp. of Japan, which raised a substantial US$300 million. Its existing investors like Prosus Ventures, Shunwei Capital, Knollwood Investment, Facebook, and Venture Highway also participated in the funding. With all this, Meesho’s soared to US$2.1 billion.
Sanjeev Barnwal and Vidit Aatrey founded Meesho in 2015. The main aim of the startup was to assist small shop owners and individuals lacking physical stores in promoting their products online.
What exactly is Meesho?
Meesho has been in operation for more than six years now, but still many people don’t know about it. For those unaware, it is an Indian social commerce platform designed to assist small businesses and individuals in developing an online identity. It empowers the users to establish their storefronts through different social media platforms.
How does Meesho work?
It is a premier reselling platform that makes the process of selling simple. You can generate income by marketing the products through Meesho on different platforms like WhatsApp, Facebook, and Instagram. You can get a vast variety of high-quality products from reputable sellers. Choose the products that resonates with your network and prompt them to make a purchase. You have the flexibility to set your desired profit margin on top of the product price and shipping charge. If the customer opts for Cash on Delivery (COD), it will be deposited in your account within 10 working days.
What makes it unique?
It is more of a business model than a shopping platform. Rather than directly selling products to customers, it acts as a reselling platform where the resellers can connect with the suppliers and manufacturers. It offers a bonus program that grants the resellers a weekly bonus on their sales performance.
Their ‘Refer and Earn’ program allowed resellers to earn commission on each sale by their referral for up to two years. It offers a VIP membership where the members can avail discounts on products without any additional charge.
Meesho’s ascent as a flourishing company demonstrates its innovative approach to development. With over 13 million entrepreneurs leveraging Meesho to establish online ventures without any initial investment, their business model, structure, and advocacy challenge traditional norms.
