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Meesho, an Indian social commerce platform with 150 million transacting users, raises $275 million

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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.

This article was originally published on : techcrunch.com
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Registration for Startup Battlefield 200 closes tomorrow

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Holy procrastination, startup founders! Tomorrow is your last likelihood to use to Startup Battlefield 200 at TechCrunch Disrupt 2024. Your last likelihood to take the Disrupt stage and pitch to an enormous audience full of first-tier global investors, a whole bunch of media outlets, and lots of other influential movers and shakers.

To the purpose: This great opportunity will soon end. Submit your application to 11:59 p.m. PDT Tomorrow, .

Summary: Benefits of Startup Battlefield 200 at TC Disrupt 2024

Once again, just a little louder for the founders within the back who can have missed our previous notes on the perks and advantages that Startup Battlefield 200 (SB 200) firms receive:

Full access to Disrupt: SB 200 founders attend Disrupt for free and receive 4 additional tickets and VIP access to all presentations, breaks and roundtables.

Free exhibition space for your entire show: SB 200 will probably be the one early-stage startup allowed to exhibit at Disrupt.

Investor interest and media exposure: Investors hunting for future unicorns and journalists looking for the subsequent big story will head to the exhibit floor to fulfill and greet the founders of SB 200.

Pitching workshops and training: SB 200 founders will probably be invited to exclusive workshops and masterclasses within the weeks leading as much as Disrupt, including special pitch training led by TechCrunch staff.

Brief information for investors and Best Contributors editors: This training will come in useful while you hit the Pitch Showcase stage. You will receive invaluable feedback and should even find your way into an investor’s portfolio.

Odds for $100,000: TechCrunch editors will select 20 startups from SB 200 to grow to be Startup Battlefield finalists. The founders of those 20 firms will receive private coaching, be featured in a TechCrunch article, and perform continue to exist stage in front of your entire Disrupt audience. The ultimate winner will take home a $100,000 zero-equity prize.

TechCrunch Disrupt will happen October 28-30 in San Francisco. Your opportunity to step onto the worldwide Disrupt stage and speed up your startup’s growth will soon come to a halt. Apply for Startup Battlefield 200 – By When?By 23:59 PDT Tomorrow. Do it!

Is your organization enthusiastic about sponsoring or exhibiting at TechCrunch Disrupt 2024? Contact our sponsorship sales team via by completing this manner.

This article was originally published on : techcrunch.com
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Apple begins a new era with Apple Intelligence

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The Apple Worldwide Developers Conference focused heavily on artificial intelligence. Apple has unveiled its Apple Intelligence generative artificial intelligence offering, which will probably be available on iOS later this 12 months. iOS 18 could have a host of new features, including the flexibility to schedule text messages and customize the house screen, major updates to Siri – including ChatGPT integration – and AI-generated emojis. In case you missed it, we have put together a handy summary of every thing Apple announced.

Tesla CEO Elon Musk secured enough shareholder votes to approve a stock option compensation package for 2018. The vote means he could receive a payout of as much as $56 billion, which could be the most important CEO pay package in history, but a judge in Delaware still must issue a final decision after she ruled the package was unfair.

In terms of funding news, Mistral AI has closed its much-talked about Series B funding round. The company secured €600 million (about $640 million at today’s exchange rates) in equity and debt. The new round values ​​the startup at $6 billion because it continues to compete with OpenAI, Anthropic and other AI giants.

News

Former NSA chief joins OpenAI: Former NSA chief, retired Army Gen. Paul Nakasone, will join OpenAI’s board and serve on its security subcommittee. read more

Tesla shareholders sue Elon Musk: Shareholders Tesla is suing Elon Musk and board members over Musk’s decision to found xAI. They claim that talent and resources are being diverted from Tesla to the new startup. read more

BeReal is bought: The French publisher of mobile applications and games Voodoo acquired BeReal for EUR 500 million. BeReal co-founder and CEO Alexis Barreyat will leave the corporate after a transition period. read more

You can hand over rings: Apple has finally allowed users to pause activity rings on Apple Watch, which is particularly useful in the event you’re sick or otherwise unable to interact in physical activity. read more

Raspberry Pi goes public: The maker of small, low-cost single-board computers priced its IPO on the London Stock Exchange at 2.80 kilos a share, valuing it at $690 million at today’s exchange rates, and quickly rose to three.70 kilos a share. read more

iPads finally get a calculator app: iPads could have a dedicated calculator app for the primary time. But, teachers, watch out. The app includes Math Notes, a new feature that does the mathematics calculations for you. read more

A new smartphone that doesn’t distract your attention: Minimalist smartphone maker Light has announced its latest model. The Light Phone III doesn’t have social media or web access, but it surely does have a larger OLED display and camera. read more

Spotify introduces internal solutions: Spotify is moving deeper into the promoting space with its first in-house creative agency, Creative Lab. The company said it’s going to also begin testing AI generative promoting. read more

Will your device have iOS 18?: Apple’s iOS 18 will probably be compatible with many Apple devices this fall, but when you wish to take full advantage of Apple Intelligence, you might have to update. read more

Analysis

Apple Intelligence doesn’t attempt to be flashy: With iOS 18, Apple is taking a more cautious approach. Rather than overwhelming users with too many AI features, the corporate is rigorously implementing AI where it believes it may well actually be useful. While Apple’s AI actually is not that flashy, Sarah Perez says it’s the corporate’s way of setting the stakes for what an AI-powered device should find a way to do. read more

Tesla fans participate within the vote: Tesla and its fans have fought an unprecedented battle over Elon Musk’s $56 billion compensation package. Over the past few months, Tesla’s biggest fans have been continually attempting to get out of the vote. Sean O’Kane is examining the myriad calls to motion on Issue X to get shareholders to vote yes and reinforce their belief that Tesla is nothing without Musk. read more

Why Y Combinator encourages small seed rounds: In 2024, many Y Combinator startups only want small seed rounds, but that might scare off many institutional seed VCs. If YC startups treat these rounds more like pre-seed funding, perhaps things won’t be so bad. However, as Rebecca Szkutak writes, there are risks if firms label these smaller rounds as “seed rounds” with the goal of raising the A rank again. read more

This article was originally published on : techcrunch.com
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Subscription vitamin company Care/of is closing

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Care/A company offering personalized vitamin packages via subscription says that as of Monday, June 17, it can cancel all subscriptions and can not accept recent orders.

This news doesn’t come completely out of the blue, as Care/of previously revealed to the New York Department of Labor sawing that it plans to put off all 143 employees by July 3 as a result of “loss of financial resources.” Now the company is speaking in additional detail and decisively in regards to the closure, including: yesterday’s post on Instagram thanking customers and saying, “Unfortunately, we no longer have the resources to operate in the way we have been doing.”

The post doesn’t completely close the door to a relaunch, stating: “We are actively exploring options for the brand, but don’t have anything final to share right now. We hope to be in a spot where we are able to share more information soon.”

Founded in 2016 by Craig Elbert and Akash Shah, Care/of asked customers to finish a quiz about their lifestyle and values, based on which it really useful a personalised mix of vitamins and supplements. Investors included Juxtapose, Goodwater Capital, Tusk Venture Partners, Bullish and RRE Ventures.

pharmaceutical giant Bayer acquired a majority stake within the company in Care/of in 2020. Earlier this month, Bayer Chief Strategic Communications Officer Christin Miller said NutraIngredients that “stopping further investments in Care/of will enable Bayer to better invest in future innovations that help people manage their health.”


This article was originally published on : techcrunch.com
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