Technology
Meesho, an Indian social commerce platform with 150 million transacting users, raises $275 million
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.
Technology
US medical device giant Artivion says hackers stole files during a cybersecurity incident
Artivion, a medical device company that produces implantable tissue for heart and vascular transplants, says its services have been “disrupted” resulting from a cybersecurity incident.
In 8-K filing In an interview with the SEC on Monday, Georgia-based Artivion, formerly CryoLife, said it became aware of a “cybersecurity incident” that involved the “compromise and encryption” of information on November 21. This suggests that the corporate was attacked by ransomware, but Artivion has not yet confirmed the character of the incident and didn’t immediately reply to TechCrunch’s questions. No major ransomware group has yet claimed responsibility for the attack.
Artivion said it took some systems offline in response to the cyberattack, which the corporate said caused “disruptions to certain ordering and shipping processes.”
Artivion, which reported third-quarter revenue of $95.8 million, said it didn’t expect the incident to have a material impact on the corporate’s funds.
Technology
It’s a Raspberry Pi 5 in a keyboard and it’s called Raspberry Pi 500
Manufacturer of single-board computers Raspberry Pi is updating its cute little computer keyboard device with higher specs. Named Raspberry Pi500This successor to the Raspberry Pi 400 is just as powerful as the present Raspberry Pi flagship, the Raspberry Pi 5. It is on the market for purchase now from Raspberry Pi resellers.
The Raspberry Pi 500 is the simplest method to start with the Raspberry Pi because it’s not as intimidating because the Raspberry Pi 5. When you take a look at the Raspberry Pi 500, you do not see any chipsets or PCBs (printed circuit boards). The Raspberry Pi is totally hidden in the familiar housing, the keyboard.
The idea with the Raspberry Pi 500 is you could connect a mouse and a display and you are able to go. If, for instance, you’ve got a relative who uses a very outdated computer with an outdated version of Windows, the Raspberry Pi 500 can easily replace the old PC tower for many computing tasks.
More importantly, this device brings us back to the roots of the Raspberry Pi. Raspberry Pi computers were originally intended for educational applications. Over time, technology enthusiasts and industrial customers began using single-board computers all over the place. (For example, when you’ve ever been to London Heathrow Airport, all of the departures and arrivals boards are there powered by Raspberry Pi.)
Raspberry Pi 500 draws inspiration from the roots of the Raspberry Pi Foundation, a non-profit organization. It’s the right first computer for college. In some ways, it’s a lot better than a Chromebook or iPad because it’s low cost and highly customizable, which inspires creative pondering.
The Raspberry Pi 500 comes with a 32GB SD card that comes pre-installed with Raspberry Pi OS, a Debian-based Linux distribution. It costs $90, which is a slight ($20) price increase over the Raspberry Pi 400.
Only UK and US keyboard variants will probably be available at launch. But versions with French, German, Italian, Japanese, Nordic and Spanish keyboard layouts will probably be available soon. And when you’re in search of a bundle that features all the things you would like, Raspberry Pi also offers a $120 desktop kit that features the Raspberry Pi 500, a mouse, a 27W USB-C power adapter, and a micro-HDMI to HDMI cable.
In other news, Raspberry Pi has announced one other recent thing: the Raspberry Pi monitor. It is a 15.6-inch 1080p monitor that’s priced at $100. Since there are quite a few 1080p portable monitors available on the market, this launch is not as noteworthy because the Pi 500. However, for die-hard Pi fans, there’s now also a Raspberry Pi-branded monitor option available.
Technology
Apple Vision Pro may add support for PlayStation VR controllers
According to Apple, Apple desires to make its Vision Pro mixed reality device more attractive for gamers and game developers latest report from Bloomberg’s Mark Gurman.
The Vision Pro was presented more as a productivity and media consumption device than a tool geared toward gamers, due partly to its reliance on visual and hand controls moderately than a separate controller.
However, Apple may need gamers if it desires to expand the Vision Pro’s audience, especially since Gurman reports that lower than half one million units have been sold to this point. As such, the corporate has reportedly been in talks with Sony about adding support for PlayStation VR2 handheld controllers, and has also talked to developers about whether they may support the controllers of their games.
Offering more precise control, Apple may also make other forms of software available in Vision Pro, reminiscent of Final Cut Pro or Adobe Photoshop.
-
Press Release10 months ago
CEO of 360WiSE Launches Mentorship Program in Overtown Miami FL
-
Press Release10 months ago
U.S.-Africa Chamber of Commerce Appoints Robert Alexander of 360WiseMedia as Board Director
-
Business and Finance8 months ago
The Importance of Owning Your Distribution Media Platform
-
Business and Finance10 months ago
360Wise Media and McDonald’s NY Tri-State Owner Operators Celebrate Success of “Faces of Black History” Campaign with Over 2 Million Event Visits
-
Ben Crump10 months ago
Another lawsuit accuses Google of bias against Black minority employees
-
Theater10 months ago
Telling the story of the Apollo Theater
-
Ben Crump10 months ago
Henrietta Lacks’ family members reach an agreement after her cells undergo advanced medical tests
-
Ben Crump10 months ago
The families of George Floyd and Daunte Wright hold an emotional press conference in Minneapolis