Facebook invested in Indian social commerce startup Meesho, marking the first time the social network took equity in a startup from that country.
Terms of the transaction were not revealed, and Facebook had not responded to a request for comment at the time of this post.
Meesho has raised over $65 million to date, not counting Facebook’s chunk, from companies including Shunwei Capital, DST Partners and RPS Ventures.
Manish Singh of TechCrunch reported that a source familiar with the transaction called Facebook’s investment “very significant.”
Facebook India vice president and managing director Ajit Mohan told Singh the fact that Meesho’s user base is 80% female and mostly located in smaller cities and towns made the company attractive to the social network, adding, “A platform that is aimed at India 2 (a popular name for those smaller markets) and has such a large user base of women—when most people online in India are predominantly men—is a remarkable achievement.”
Meesho said in a post on its website revealing Facebook’s investment, “Over the past four years, we’ve grown from our humble beginnings to a community of more than 15,000 suppliers and 2 million resellers throughout India. We share a common goal with Facebook—to enable the community and help small businesses grow.”