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Meesho, India’s leading e-commerce startup with around 150 million transacting users, has secured $275 million in a brand new round of funding, says the corporate revealed within the securities filing.

The latest financing is a component of a bigger financing round that’s more likely to include secondary transactions and exceed an amount of greater than $500 million, people familiar with the matter told TechCrunch.

The Bengaluru-based startup, which operates a social commerce platform, is valued at around $3.9 billion on this round, the people said, asking to not be identified because discussions are still ongoing. The startup, which has raised over $1.2 billion so far, was valued at $4.9 billion when it last raised capital in September 2021.

Several investors tried to get into Meesho, including WestBridge Capital and Norwest Venture Partners. Last yr, WestBridge bought shares of Meesho from Venture Highway, an early sponsor. The company counts Meta, Fidelity, Peak XV, Prosus Ventures, B Capital and SoftBank amongst its sponsors.

Indian every day The Economic Times first reported latest financing.

Meesho is certainly one of the fastest growing e-commerce startups within the country. Bernstein analysts estimated earlier this yr that its GMV was greater than $5 billion.

Meesho has successfully captured the eye of value-conscious Indians with its attractively priced, diverse and unbranded range of products. The startup’s value proposition seems to resonate well with low- and middle-income customers, who constitute the majority of India’s consumer class.

With 440,000 sellers transacting annually and over 120 million listings, Meesho boasts certainly one of the widest merchandise assortments across platforms, catering to the complex and heterogeneous preferences of the Indian market, Jefferies wrote in a recent note to its clients.

Traditional e-commerce platforms in India mainly concentrate on high-income consumers and branded suppliers, leading to average order value (AOV) well above ₹ 1,000 (roughly $ 12). In contrast, Meesho’s AOV is usually under £350.

“The Meesho algorithm prioritizes offers by taking into account many factors, including seller rating, product rating, customer reviews, past customer purchasing behavior, product popularity, etc. Therefore, price also affects the discoverability of product information in the market.” Written by Jefferies analysts.

“Meesho’s order fulfillment fees are significantly lower than other providers, which allows the platform to offer customers lower prices compared to competitors. To reduce costs, Meesho uses a resource-saving model and outsources delivery to third parties. Meesho has almost half the share of India’s annual 3PL e-logistics shipments,” Jefferies’ note said.

But the competition is gaining momentum. Amazon India recently launched Bazaar, a ‘specialty store’ offering inexpensive and classy fashion and lifestyle products.

RenderATL Tech Conference 2024 will happen next month during Atlanta’s official tech week and will feature Shannon Sharpe, DJ Pee.Wee, aka Anderson.Paak, and more.

The Black-owned tech conference in Atlanta is taking in over America’s Mart from June 12 to 14 and will feature, amongst others, Shannon Sharpe as a keynote speaker, DJ Pee.Wee at the RenderHouse afterparty and honoring Google engineer Kelsey Hightower. Over 5,000 attendees will attend the RenderATL Tech conference, trade show and music festival, whose impressive program includes over 70 partners, keynotes, seminars and workshops featuring pioneers of artificial intelligence, software engineering, design, product and project management, leadership technology and more .

Render sessions leave participants with invaluable insight into the latest trends and advancements in the technology and engineering industry, in addition to a deep dive into cutting-edge technologies that will help them gain key practical skills that will enable them to reach their fields. There are also opportunities for employers to recruit, given the high success rate of job placement conferences.

“2024 marks a pivotal moment for the technology community as we gather in Atlanta for RenderATL,” says Justin Samues, founder and CEO of RenderATL.

“At the technology conference, we have now brought together the best speakers and workshop facilitators to create the best continuous learning environment to assist our participants further their profession development and technology development beyond the limits of industry knowledge, especially in reference to our core deal with artificial intelligence, in a few years of experience for this purpose.

Since its launch in 2019, RenderATL has grown yr over yr. It serves as an economic boost to Atlanta’s local economy, generating revenues exceeding $6.5 million through citywide events that promote local businesses, service providers, hotels, restaurants and transportation services.

As the conference continues to grow and partner with major corporations like this yr’s title sponsor Zillow, RenderATL sees the way it will proceed to bridge the gap between technology and culture.

“I think Black people (have) had unique experiences in the tech industry (…) but as we continue to see the immersion of leaders, we see that there is ability, hope and talent that (deserve) equal opportunity” – Briana Holmes, Director for marketing and communication at RenderATL says Developing.

“It’s worth creating yourself, taking advantage of opportunities we never expected, obtaining VC funds (and obtaining) all the certificates for which we had the opportunity to attend boot camps.”

There is a vibrant future ahead for Black professionals and creators in the tech space, and RenderATL goals to assist more people see and adapt to limitless possibilities.

“I think the Black community in particular is in a very unique situation. (They will) be able to develop even further and (ensure) that they not only create opportunities to develop, learn and scale their skills and talents, but also, in doing so, (create) an opportunity to change the entire trajectory of the entire family,” Holmes said.