Meesho, a Facebook-backed startup has become the first Indian social commerce firm to enter the unicorn club, after 300 Million in an endowment round led by Japanese multinational SoftBank. Prosus Ventures, Facebook, Shunwei Capital, Venture Highway, and Knollwood Investment also attended the round that values Meesho at 2.1 Billion.

Vidit Aatrey, founder and CEO of Meesho states, “With the new round of funding, we are extremely thrilled to have SoftBank onboard. We are focused on expanding our vision from helping aspiring women entrepreneurs to creating Meesho as a single ecosystem that will enable all small businesses in India to succeed Online. The Company has noted growth across small businesses and entrepreneurs seeking to move their business online.”

Bangalore-based Meesho operates an eponymous online marketplace that connects sellers with customers on social media platforms such as WhatsApp, Facebook, and Instagram. Its contributions comprise order management, taking care of logistics, online expenditure, synchronized shop updates, and allowing businesses to get their customers to subscribe. It has about 13 Mn individual entrepreneurs, bringing the e-commerce benefits to 45 Mn customers pan India.

Sumer Juneja, who leads Softbank’s investments in India, states, “We believe Meesho provides an efficient platform for SME suppliers and social resellers to onboard the e-commerce revolution in India and help them provide a personalized experience to consumers.”

The Indian social commerce segment may be at a nascent stage at this point, but it is poised to grow at a compound annual growth rate (CAGR) of 55%-60% to reach $16 Bn-$20 Bn gross merchandise value (GMV) by 2025, all thanks to the growing consumer internet and social media penetration, as well as exposure to e-commerce.