Hardeep Singh
Introduction of Meesho
A resale business has several benefits and may be a profitable business idea, especially if you specialise in a specific industry. You can start an ecommerce business faster if you don’t have to go through all of the stages of product development and audience growth. Becoming a reseller is actually quite simple, and anyone can do it! Whether you’re seeking for some additional cash to supplement your income or want to convert this into a full-time profession, the methods are the same. An Indian inventive firm is giving Amazon and Flipkart a run for their money by actively promoting resale business online in India, where the bulk of the people is trying to find job.
Meesho is an Indian social e-commerce platform that allows individuals and small companies to create online storefronts utilising social media platforms like WhatsApp, Facebook, and Instagram. Meesho allows you to make money by selling fashion and lifestyle items on Facebook and Whatsapp. You’ll notice a large choice of high-quality items supplied by the industry’s leading vendors when you launch the app/… Meesho will receive your payment and transfer your margin into your bank account within 10 working days. Meesho allows resellers to start selling immediately and from anywhere on the planet.
To earn a fee per sale as a reseller, you must share a product from the Meesho app with your network on social networking sites. Meesho is a trustworthy device that allows you to get the most out of your entertainment. Payments are processed in real time and are entirely safe and secure. You must sell their things in order to begin receiving the sellers’ predetermined commission.
About the founders and the founding stone
ViditAatrey and Sanjeev Barnwal, both IIT Delhi grads, created Meesho in December 2015. It’s an Indian social commerce platform that allows small enterprises and individuals to operate from home for no money up front. Meesho was chosen as one of three Indian startups for the Y Combinator competition in 2016.
Bengaluru is the platform’s headquarters. Individuals and small businesses may use social media sites like Facebook, WhatsApp, and Instagram to develop online stores. Meesho, India’s first company to receive money from the American social media and technology corporation, received funding from Facebook in 2019. Meesho started with housewives in mind; around a third of the sellers are students.
FashNear, a hyperlocal fashion discovery and purchasing app, was founded by ViditAatrey and Sanjeev Barnwal in 2015. At the end of 2015, they transitioned to Meesho, which allowed them to sell through social media and allow physical stores to sell their products online.
The concept of Meesho
ViditAatrey (Founder and CEO of Meesho) quit InMobi in 2015 to create his own company. His business partner, Sanjeev Barnwal, and he co-founded Meesho (Founder & CTO). They were classmates from 2008 to 2012 and came up with the concept to create a platform to assist MSMEs (Micro. Small and Medium Enterprises). As social commerce failed to take hold in India, Meesho blazed a trail and revolutionised the business.
The Meesho app is compatible with both Android and iOS smartphones. Meesho allows anybody to create an account. He or she will then be able to make connections to the things offered on the Meesho App. He or she then posts links to social networking sites like WhatsApp, Instagram, and Facebook. Meeshoorganises logistics, collects online payments, and gives real-time information when a customer purchases a product.
Meesho has delivered orders to over 26,000 pin codes in over 4,800 locations from over a hundred thousand registered suppliers. Businesses produce over Rs 500 crore in sales, and customers are served in over 4,500 Tier 2 and Tier 3 locations, bringing e-commerce to India.
Meesho claims that their platform has connected them with over 13 million businesses. It emphasises the relevance of the fact that women account for the vast majority of business owners. The Social Commerce Platform allows their resellers to start their own online businesses at a fraction of the cost.
Meesho began his career with two IIT Delhi grads in December 2015. They founded Meesho, a social commerce platform that lets consumers resale things over WhatsApp, Facebook, and Instagram. When they originally launched their firm, their motto was “Empower Women.” They sought to recognise the financial independence of Indian women.
Meesho as Fashnear
ViditAatrey stated in one of the interviews that both funders played every part throughout this time. They took inventory of every business, spending several days photographing and recording all of the items on our app. In the beginning, he also worked as a delivery guy since he wanted to hear his customers’ opinions firsthand.
When the founders of Meesho left their well-paying jobs to start their own company. Fashnear was the name of the firm when it originally started. They wanted to build a fashion platform similar to how Swiggy built a food platform, Onelab built a service platform, and Grofers built a grocery platform. Their plan was to join up for many stores in different areas using our app. Customers can order up to three items from each of these businesses and have them delivered to their houses by a delivery person. They could choose the ones they liked and pay for them, then return the rest.
The mega transformation and rebranding of Fashnear
They saw that the “Fashnear” business model was failing because customers were more concerned with sales than with where their purchases were made. While an online business may sell its items 24 hours a day, seven days a week, the offline retailers with which they partnered could only provide end-of-season discounts. Being well-versed in the industry and knowing how to engage with business owners, on the other hand, has its advantages.
When they spoke with a local store owner in Koramangala, he was quite helpful in explaining the new concept, as he revealed that he was already selling his things online through Facebook and WhatsApp groups, where he regularly updated images. These consumers would place an order, which would be delivered and paid for by one of his employees. His business proposal as well as his basic yet powerful concept impressed them.
To enhance their firm concept, they constructed a prototype before going on to software development.
Meesho spotted a once-in-a-lifetime business opportunity here. Not every reseller has the same level of access as these two, and no two small firms in different sections of the country could trust each other enough to offer cash on delivery (COD) or a return policy to their customers. This is where they come into play. Meesho has evolved into a marketplace for connecting suppliers and dealers.
Facebook’s investment and backing in Meesho in the year 2019
As it seeks new methods to monetize WhatsApp, Facebook is turning to a firm in which it already has a presence. The social media behemoth said today that it has invested in Meesho, a social-commerce firm based in India.
Meesho had previously raised $65 million from a number of investors, including DST Partners, RPS Ventures, and Shunwei Capital, but neither Facebook nor Meesho disclosed the deal’s financial details. According to a person acquainted with the issue, the sum was “very substantial.”
Facebook is also thinking about investing in other companies that are creating unique goods for the Indian market. “We are open to exploring additional investment opportunities wherever we believe there is potential beyond the work we are doing currently,” he added. Facebook, on the other hand, is not focusing on a particular category.Meesho’s statement that it helps thousands of resellers earn more than Rs 25,000 ($360) per month is admired by Facebook. Aatrey told TechCrunch last year that the firm, which is now based in India, wants to grow internationally in the near future.
Meesho’s Success and Turnover
In the current fiscal year, Meesho’s revenue was INR 341.6 crore. The corporation’s expenses came to INR 657 crore. As a result, losses climbed to INR 315.4 crore in FY20. Howeveer, recovering to its original state, Facebook-backed Meesho has become the first Indian social commerce company to reach the unicorn club after receiving $300 million in a funding round led by Japanese conglomerate SoftBank. The $2.1 billion agreement also included Prosus Ventures, Facebook, Shunwei Capital, Venture Highway, and Knollwood Investment.
During its major seasonal sale event, Maha Indian Shopping League, Meesho, India’s fastest growing online shopping site, had a 750 percent increase in clientele compared to the previous year. During the event, Meesho customers saved over Rs 60 crore in discounts. To democratise internet commerce for all people of the country, the objective is to achieve 100 million sellers on Meesho.
Conclusion
Since a consequence, we can see that a concept that two IIT Delhi grads came up with is now yielding enormous benefits for them, as it is not only profit-driven, but also targets local merchants who, for the most part, do not have a platform to display their items and reach a larger audience. Meesho bridges the gap and removes the long chain of middlemen engaged in these small vendors, providing the best possible service to the clients.
