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As we gear up for the much-anticipated 10th edition of The <keyword id="3092441" type="General" weightage="20" keywordseo="big-billion-days" source="Orion">Big Billion Days</keyword> on <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword>, there's a story that deserves to be shared – the remarkable success story of a young entrepreneur whose life has been transformed by this homegrown e-commerce platform. Mohammed Imran, a 26-year-old, was only 16 when he embarked on his entrepreneurial journey. His venture, Limraz Furniture, gained prominence during the pandemic, achieving a staggering 700 orders on its very first day when he held just 10 pieces in his inventory. Today, he stands as the proud owner of five thriving companies, a testament to the incredible scale made possible by Flipkart. From a family built around the earnings from an autorickshaw to buying a ultra-luxury sedan in the first year of his business, Mohammed’s journey symbolises relentless determination. <cmsannotation type="cmsannotation" annotationid="Meeting the demand for remote work" comment="subhead" text="Meeting the demand for remote work">Meeting the demand for remote work</cmsannotation> Mohammed's journey with Limraz Furniture began with a simple realisation – the rise of remote work demanded a comfortable workspace for home use. He says, “During COVID-19, most IT companies adopted a work-from-home model, and I recognised the need for budget-friendly home office furniture.” So, during the pandemic, he introduced office tables priced at affordable prices 9 on Flipkart; this ensured that people received value for money whilst also being able to work comfortably from their homes. <cmsannotation type="cmsannotation" annotationid="A journey born of necessity" comment="subhead" text="A journey born of necessity">A journey born of necessity</cmsannotation> With his younger brother and sister both helping him in running Limraz Furniture, he reflects on the past. After his father passed away in 2016, being able to afford one meal a day required his mother to sell her gold jewellery. This is when he decided that instead of taking up a job, he would start his own business. He says, “My mantra has always been to be one’s boss, and that’s what I did!” Now, he wants to leave no stone unturned in giving his family everything they deserve and more. <cmsannotation type="cmsannotation" annotationid="Choosing Flipkart: A lifeline during tough times" comment="subhead" text="Choosing Flipkart: A lifeline during tough times">Choosing Flipkart: A lifeline during tough times</cmsannotation> While Mohammed was looking out for opportunities to start his business online, Flipkart stood out as his ultimate choice. The seamless payment cycle offered much-needed stability during the uncertainty of the pandemic, especially considering his humble background. Supportive managers guided him through challenges, helping him understand consumer insights and improve his business. He shares, "Their guidance on cataloguing and optimizing product images significantly contributed to attracting customers and fostering positive reviews. Today, my entire range of furniture products is available on Flipkart." <cmsannotation type="cmsannotation" annotationid="A turning point" comment="subhead" text="A turning point">A turning point</cmsannotation> Mohammad's first experience with Flipkart's The Big Billion Days left an indelible mark on him. He reminisces, "In 2019, during my first Big Billion Days, I received an overwhelming response. Orders flooded in, starting with 1,200 on the first day culminating into a staggering 5,000 orders!" This was the first time he had witnessed such a substantial influx of capital. At the age of 23, he fulfilled a lifelong dream by purchasing a luxury car, symbolizing his remarkable journey and giving him a trailer for what more was to come. <cmsannotation type="cmsannotation" annotationid="From 10 pieces to building a thriving enterprise" comment="subhead" text="From 10 pieces to building a thriving enterprise">From 10 pieces to building a thriving enterprise</cmsannotation> From its humble beginnings, when it did not have enough staff or inventory to cater to the unexpected 700 orders on the first day of The Big Billion Days in 2019, Limraz Furniture has come a long way to evolve into a thriving enterprise. His company now boasts a staff of over 120 employees, and consistently achieves a minimum of 250 daily sales, with peaks reaching up to 400! <cmsannotation type="cmsannotation" annotationid="Dreaming big" comment="subhead" text="Dreaming big">Dreaming big</cmsannotation> As the 10th edition of The Big Billion Days approaches, Mohammed is leaving no stone unturned to ensure his success continues to soar. He has expanded his workforce, secured temporary warehouses to meet the heightened demand, and enlisted the support of investors to fuel his dreams of growth. With ambitious goals in mind, he anticipates crossing the two-crore mark in revenue this year, with sales of 15,000 to 18,000 units. While he expects profits to triple compared to the previous year, his family has also set their expectations. This year, they have expressed their desire for Mohammed to buy an even more expensive car, the booking for which he has already done. This reflects strongly on the faith he has in Flipkart’s power to help people achieve their dreams – no matter how big they seem. Looking ahead, Mohammad envisions further diversification by adding more products to Flipkart's marketplace. <cmsannotation type="cmsannotation" annotationid="A tale of triumph and resilience" comment="subhead" text="A tale of triumph and resilience">A tale of triumph and resilience</cmsannotation> Dealing in various categories of products while being a successful seller on Flipkart, while handling multiple other businesses is a testament to the fact that dreams can indeed come true. And in the world of business, it's often the most challenging journeys that yield the most inspiring stories. Mohammed's story is not just about business; it's about a young man who defied the odds and transformed his life through hard work. As we eagerly await The Big Billion Days, let us not only celebrate festivities but also the remarkable stories of entrepreneurs like Mohammed Imran, whose lives have been forever changed by Flipkart. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Countdown to Flipkart's 10th Big Billion Days: A tribute to entrepreneurs, featuring Mohammed Imran and Limraz Furniture

<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

<keyword id="13654411" type="General" weightage="80" keywordseo="flipkart-ventures" source="Orion">Flipkart Ventures</keyword>, the $100 milion venture fund set up by <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword>, on Thursday announced to invest in six early-stage tech startups as part of its accelerator programme. The six startups will receive an equity investment upto $500,000 from Flipkart and undergo 16-week mentorship under '<keyword id="14750758" type="General" weightage="50" keywordseo="leap-ahead" source="Orion">Leap Ahead</keyword>' programme. "Through this endeavor, we strive to be a catalyst in the growing startup community by continuing to expand our program each year and presenting growth opportunities to emerging entrepreneurs," said <keyword id="508911" type="General" weightage="50" keywordseo="ravi-iyer" source="Orion">Ravi Iyer</keyword>, Senior Vice President and Head, Corporate Development. The startups cover areas such as robotics, AI and personalisation, data analytics, supply chain solutions, insuretech, metaverse applications, and more. These are Dopplr (metaverse), Livwell (insurtech) <keyword id="9061594" type="General" weightage="50" keywordseo="logisticsnow" source="Orion">LogisticsNow</keyword>, <keyword id="14750756" type="General" weightage="50" keywordseo="neuropixel" source="Orion">NeuroPixel</keyword>.AI, <keyword id="14750757" type="General" weightage="50" keywordseo="rightbot-technologies-and-sellerapp" source="Orion">Rightbot Technologies and Sellerapp</keyword>. The startups will undergo the well-curated mentorship programme delivered through a customised curriculum, which has been designed by Bain &amp; Company. At the end of the programme, the startups will be able to present their ideas to potential investors and industry leaders on a 'Demo Day'. The Flipkart 'Leap Ahead' programme graduated its first cohort in July 2021 with eight startups that successfully pitched their ideas to investors and raised further funding. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/realme-9i-5g-vs-redmi-note-11-mobile-phone-comparison-of-price-and-features/slidelist/93636165.cms">Realme 9i 5G vs Redmi Note 11 – price, specs and features compared</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/new-maruti-suzuki-alto-k10-brings-premium-suv-features-in-a-compact-car/slidelist/93636927.cms">New Maruti Suzuki Alto K10 brings premium SUV features in a compact car</a>

Flipkart Ventures invests in 6 early-stage tech startups

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

Bengaluru, July 14 (IANS) A Walmart-led investor group on Tuesday pumped in an additional $1.2 billion into the ecommerce platform Flipkart Group to support its marketplace in the wake of the ongoing Covid-19 pandemic. With the new investment, Flipkart group is now valued at $24.9 billion. The $1.2 billion will be funded in two tranches over the remainder of the fiscal year. "We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Kalyan Krishnamurthy said in a statement. Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart. In 2018, Walmart invested $16 billion for a majority stake in the group. "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. We will continue innovating to bring the next 200 million Indian shoppers online," Krishnamurthy said in a statement. With a registered customer base of over 200 million, Flipkart recently surpassed 1.5 billion visits per month and reported 45 per cent growth in monthly active customers and 30 per cent growth in transactions per customer for FY20. Flipkart offers 150 million products across more than 80 categories, and has pioneered customer-centric services such as cash-on-delivery, no-cost EMI and easy returns. PhonePe recently reported annualised total payments value (TPV) of $180 billion on more than 500 million monthly transactions. "Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Judith McKenna, President and CEO of Walmart International. The Flipkart Group last week invested Rs 260 crore to purchase a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd (AFL). Arvind Youth Brands owns the popular Flying Machine denim brand that has been retailing on Flipkart and Myntra for more than six years. With this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the ecommerce platform said in a statement. --IANS na/vd

Walmart-led investors pump in $1.2 bn in Flipkart Group

The rupee witnessed a range-bound trading in early trade on Thursday as a firm American currency and concerns about hawkish US <keyword id="45672" type="General" weightage="50" keywordseo="fed" source="Orion">Fed</keyword> offset the support from positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.53 against the dollar, then touched 79.47 in initial deals, registering a gain of 5 paise over its previous close. On Wednesday, the rupee declined by 35 paise to close at 79.52 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.72. Brent crude futures, the global oil benchmark, fell 0.11 per cent to <keyword id="54123" type="General" weightage="80" keywordseo="usd" source="Orion">USD</keyword> 94 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 275.51 points or 0.46 per cent up at 60,622.48. Similarly, the broader NSE Nifty rose 36.15 points or 0.2 per cent to 18,039.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on Wednesday, according to provisional data. "Asian currencies are still on the weaker side against USD which will not allow the rupee to gain much against the dollar. The range for the day is expected between 79.30 to 79.80 as the market braces for a 75 basis points rate hike by FED," said Anil Kumar Bhansali, Head of <keyword id="6374832" type="General" weightage="50" keywordseo="treasury" source="Orion">Treasury</keyword>, Finrex Treasury Advisors. India's trade deficit was wider though export figures were also revised to slightly higher. "Trade deficit still remains a matter of concern for the country," Bhansali said. India's exports rose marginally by 1.62 per cent to USD 33.92 billion, while the trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports, the commerce ministry data showed on Wednesday. The revised data showed that imports rose by 37.28 per cent to USD 61.9 billion in August this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/iphone-13-series-iphone-12-mini-and-iphone-11-to-get-huge-price-cut-on-flipkart-upcoming-sale/articleshow/94215527.cms">Flipkart's upcoming sale could be the best time to buy an iPhone – iPhone 13 series, iPhone 12 mini and more to get huge price cut</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/google-cancels-rd-projects-as-pichai-targets-20-more-efficiency/articleshow/94214732.cms">Google cancels R&amp;D projects as Pichai targets 20% more efficiency</a>

Rupee rises 5 paise to 79.47 against US dollar in early trade

<ul><li><keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword> is the new kid on the block that has emerged as a challenger to <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> with 120 mn users</li><li>Aims to bring 100 mn small sellers across India online</li><li>The newly minted unicorn is looking at going public in less than two years after it turns profitable.</li></ul>Shaan Ansari is a 19-year old entrepreneur who lives in the historic city of Panipat, 100 kms north of Delhi, and he may never qualify for any list celebrating under-20 entrepreneurs, but his story is no less inspiring than Ranveer Singh’s character in Gully Boy. The pandemic put his father out of work and Ansari out of school back in 2020. When crisis struck, Ansari went scouting for opportunities online that would require zero investment and he found it in Meesho, a social commerce platform that is designed to help solo entrepreneurs and small businesses sell their wares to a wider audience. Ansari sourced bath mats and door mats made locally and started selling them on Meesho. When his suppliers could not meet the demand, Ansari borrowed money to start his own factory. Today he manufactures these mats from a rented factory, employs 50 people and clocks revenues of ₹30 lakh a month. It is transformational stories like Ansari’s that keep Meesho’’s co-founder and CEO Vidit Aatrey and his team going. Recalling his trip to Panipat, Aatrey, says, “The neighbourhood that Ansari lives in is a really humble one and his home actually doubles up as a warehouse. When I visited him, his staff and family offered dry fruits with chai. Ansari kept telling us how his family’s fortunes have changed after he discovered Meesho. As a team we travel every quarter to listen to sellers like Ansari on our platform and are now attempting to solve some of their other financial needs so that they don’t have to go to money lenders for working capital needs.” <div type="image" title="Meesho_1 (1)" height="900" width="1200" msid="93702892" hostid="261"></div> 100 million sellers to reach a billion buyers Aatrey’s dream is to get a million local businesses online so that they expand their markets by selling wares across India, irrespective of where they are located. In the last two years, this new kid on the block has emerged as a challenger to the Big Boys of e-commerce. Meesho - which is a short code for ‘my shop’ - has gotten bigger after the pandemic with 120 million monthly active users (MAUs) in a short span of time. Flipkart and Amazon have 200 million registered users each. Meesho’s target is to have 100 million sellers on its platform and sell to a billion buyers. Meesho was born on the premise that for online commerce to genuinely offer value, local retailers had to go online. Unorganized retail accounts for 90% of India’s spends. But when Aatrey and his co-founder Sanjeev Bamwal discovered that the sellers were not coming online because the buyers were not all shopping online. The pandemic has enabled Meesho to bring a lot more local businesses online as it was a matter of their survival. Challenging Amazon and Flipkart In the early days, Meesho’s sales were driven by 15 million women resellers, who bought products from the platform and sold it through WhatsApp and Facebook groups. From being a social commerce platform driven by re-sellers, it today has a share of nearly 30% in total daily online deliveries. Of the 9 million e-commerce orders processed daily, Meesho accounts for 2.7 million, while the two biggies account for 5 million. Clearly, Meesho is the challenger that nobody expected would catch up with Amazon and Flipkart. Another interesting statistic says that of the 70 million shoppers online, only 10 million are digital natives. It is a no-brainer then that India’s small businesses can provide the network effect to any online commerce platform that chooses to target this segment. Meesho waded into this space back in 2015, but found it tough to convince small entrepreneurs to come online because their customers were not online either. Language barriers and quality of internet speeds were only a few reasons why sellers were not online. Even when they brought sellers online, their buyers were still not online nor was Meesho’s app on too many smartphones. This changed after the pandemic but before that it was Meesho’s army of 15 million women resellers that drove its gross merchandise value up until 2020. Meesho is called a social commerce channel because it has been built by women resellers who found a vocation and economic independence by reselling goods purchased from the platform on WhatsApp and Facebook groups. Between 2017 and 2020, 100% sales were happening through resellers. The share of these women resellers is now down to 20% as consumers have now started downloading the app. Meesho’s monthly average users stand at 120 million and 35 million users transact on the app every month. On an average, 110 million Indian shoppers bought on Meesho last year. Not surprising that investors have also queued up to invest in the company. After raising seed capital of $300,000 from angel investors in March 2016, Meesho is valued at $4.9 bn after its latest round of capital raise of $570 mn in September 2021. Its list of marquee investors include Soft Bank Vision Fund 2, Prosus, Fidelity Management and Research, Yuri Milner’s DST Partners, Sequoia, SAIF Partners and Y Combinator among others. Sellers turn brand ambassadors <div type="image" title="Meesho_2 (1)" height="900" width="1200" msid="93702936" hostid="261"></div> Currently, there are six lakh sellers like Ansari on Meesho and the start-up wants to take this to one million. This goal may be work-in-progress, but every week employees join the Meesho Sabha, a meeting where examples like Ansari are discussed at length so that the team does not take its eyes off the goal post. Even though Meesho continues with its outreach programme to help sellers, existing sellers have now become brand ambassadors who are helping others get online. The platform offers peer-to-peer learning in several languages for those who want to get started. Says Dhiresh Bansal, chief financial officer of Meesho, “We still do our outreach programmes but a lot of people are now coming to our platform, as they need to diversify by targeting newer markets. Also the younger generation is more progressive and are taking their family businesses online.” After its success in the last two years, Meesho’s working hard to resolve several issues of sellers on its platform. Most of these sellers have seen a sharp rise in demand for their products after going online and the need for working capital requirement has gone up sharply. Lucknow-based Suman Agrawal used to sell women’s fashion clothing at her boutique but has shut it down after her brand Rudraksh saw sales boom on Meesho. She currently manages 22,000 orders a month. There are several sellers in India who cannot go online because they don’t have the requisite GST number. Aatrey has been a votary of their cause for a while. In June this year, the GST Council cleared a proposal that will no longer require sellers on e-commerce platforms to have a GST registration, if their turnover is less than ₹40 lakh and ₹20 lakh for goods and services respectively. This rule will come into effect from January 2023. Aatrey believes that this will be a game changer for millions of small sellers across India. While the company is not looking to raise capital immediately, it has plans to turn profitable and then hit the markets in a couple of years. The e-commerce player is looking at tightening its belt on costs now that it has attained scale. If it has to turn profitable in under 2 years then Meesho will have to cut back on cashburn and conserve capital. Aatrey says, “This festive season will give us an indication if there is any slowdown. We have not seen that so far, so it will be something that we will learn from.” <div type="image" title="Meesho_3 (1) (1)" height="900" width="1200" msid="93703012" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-slips-517-points-goes-below-the-60000-mark/articleshow/93701486.cms">Sensex slips 517 points, goes below the 60,000-mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/not-just-ev-makers-there-are-many-more-stocks-that-can-gain-from-ev-play/articleshow/93696654.cms">Not just EV makers, there are many more stocks that can gain from EV play</a>

You Searched For "flipkart investor" and got 7 results

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Rupee rises 5 paise to 79.47 against US dollar in early trade

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Meet India’s Real Gully Boy: Vidit Aatrey of Meesho is taking the entrepreneurial dream deep inside Bharat

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