Mumbai | Bengaluru: Social commerce startup Meesho is finalising a $550-600 million financing round likely led by US asset manager Fidelity, two people in the know of the matter told ET, which will more than double the Bengaluru-based company’s valuation from its previous round to $5 billion.
Meesho was valued at $2.1 billion when it raised $300 million from SoftBank Vision Fund in April. Facebook cofounder Eduardo Saverin’s B Capital and other investors may join Fidelity in the funding round, sources privy to the matter said.
Fidelity has been an active participant in the funding rounds of multiple Indian tech firms, especially in the later stages. “While Fidelity is expected to plough in more than $100 million, B Capital and other new investors will cough up $50-100 million each...,” a person familiar with the deal talks said on the condition of anonymity. “There could be an official announcement on this soon.”