Google is in negotiations with social commerce platform Meesho for a $50-75 million investment after previously investing in six Indian companies this year.
Also included in this letter:
- Indian investors are increasing their bets as Bitcoin prices rise again.
- Nykaa will go public next week.
- From January, Google will reduce its Play Store fee to 15%.
Meesho, a social commerce company, is in negotiations with Google for funding.
According to reports, Google is discussing investing $50-$75 million in social commerce company Meesho.
Details: The investment is part of Meesho’s last funding round, which places the Bengaluru-based company at a valuation of $4.9 billion. Meesho received $570 million from US asset management Fidelity and Eduardo Saverin’s B Capital in September. The round will now be worth over $600 million, thanks to Google’s participation.
Meesho has secured over $900 million in funding this year, including $300 million from SoftBank Vision Fund II in April.
Taking on the eCommerce behemoths: Meesho plans to utilize the new funding to build a consumer-facing eCommerce business that can compete effectively with Amazon India and Walmart-owned Flipkart.
Google’s India investments are as follows: The internet search giant has already invested in Indian companies such as Dunzo, a hyperlocal delivery service, and InMobi’s Glance, a lock screen platform. Simsim, a video social commerce business, was bought by Google’s YouTube video-sharing platform in July.