Meesho, an Indian “social commerce” platform backed by Facebook and SoftBank Group, said on Thursday it had raised $570 million (roughly Rs. 4,230 crores) in a funding round led by Fidelity Management & Research Company and B Capital Group.

The latest funding round values the company at $4.9 billion (roughly Rs. 36,400 crores), Meesho said in a statement. “Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round,” the company added.

Founded in 2015 by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, the platform offers social media users products to sell – ranging from clothes to cosmetics – and takes a cut from actual sales.

The company also provides logistics and payment tools to sellers.

In the five months since Meesho’s previous fundraise, both monthly orders and monthly transacting users have nearly tripled, the company said.

Indian startups have been on a tear in 2021, with several companies entering the unicorn or $1 billion (roughly Rs. 7,430 crores) club, while other high-profile names including food delivery app Zomato and digital payments company Paytm listing or pursuing a debut on domestic stock exchanges.

© Thomson Reuters 2021