Social commerce platform Meesho raised $570 million

Meesho, an Indian social commerce platform backed by Facebook and SoftBank Group, has raised $570 million in a funding round led by Fidelity Management & Research Company and B Capital Group.
Dollar spending on technologyMeesho said in a statement existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round.

Founded in 2015 by Indian Institute of Technology (IIT) 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.