Facebook invests in Bengaluru-based Meesho

Social networking giant Facebook Thursday announced it has picked up minority stake in Meesho, an Indian startup that helps entrepreneurs set up online businesses via social channels.

No financial details of the transaction were disclosed.

Meesho has previously raised about USD 65 million from a clutch of investors, including DST Partners, RPS Ventures, Shunwei Capital, SAIF Partners, Sequoia India and Y Combinator.

"There are three reasons for making this investment. One, we are very excited by the founders and the team. Second is their focus on tier II and III cities, so they sort of addressing the new India that's showing up on the internet beyond the large metros," Facebook India Vice President and Managing Director Ajit Mohan told PTI.

Another deciding factor was the base of two million resellers on Meesho's platform, of which about 80 per cent are women entrepreneurs, he added.

"...it is fueling female entrepreneurship, and therefore driving the job creation agenda. So for us, ..