Mumbai/Bengaluru: Meesho has raised $570 million in a new round of funding led by US asset manager Fidelity and Eduardo Saverin’s B Capital after which its valuation has more than doubled to $4.9 billion in less than six months.

Other new backers include Footpath Ventures and debt venture debt fund Trifecta Capital, the company said. The company said it had 15 million transacting users in the same month. The company operates in the community group buying model driven by leaders. In April, Meesho was valued at $2.1 billion when it raised $300 million from SoftBank Vision Fund, which was its larger financing round. This year, Meesho also started to focus on selling directly to consumers through and compete directly with Walmart-owned Flipkart and Amazon India, ET reported on April l3.“We Meesho will use the fresh capital to double its research and development team and acquire more users.

Fidelity, B Capital Lead $570 Mn Funding In Meesho, Valuation More Than Doubles To $4.9 Bn

Fidelity, B Capital Lead $570 Mn Funding In Meesho, Valuation More Than Doubles To $4.9 Bn

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