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| Date | 1 Oct 2021 |
| Time | 07:00:06 |
| Category | Miscellaneous |
| ID | 6150N |
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
Symphony International Holdings Limited (LSE: SIHL) is pleased to announce an investment in Meesho, India's fastest growing internet commerce platform for the unorganized seller market, based in Bangalore.
The US$570 million round was led by Fidelity Management & Research Company and B Capital Group. Alongside Symphony, who invested in the Series F raise through Good Capital, the round was also participated in by existing investors of Meesho, including Facebook, Prosus Ventures, and Softbank Vision Fund 2. Other new investors included Footpath Ventures, and Trifecta Capital, among others. Symphony's investment amounted to less than 5% of its NAV.
India's unorganized retail sector, estimated to be worth around US$792 billion is set for the next wave of growth, with digitization enabling rapid expansion and greater reach across the country. With a vision to enable 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce by bringing a range of products and new customers online. What started as a reseller-focused platform enabling millions to sell online, has now become a single ecosystem connecting sellers to consumers and entrepreneurs.
With an aim to reach 100 million monthly transacting users by December 2022, Meesho expects to utilize the fresh round of funding to grow its technology and product talent by 2.5x, increase its roster to over 50 million products, and become the platform of choice for customers, entrepreneurs, and sellers from all corners of India. Meesho is also looking to expand its groceries and FMCG offerings with Farmiso (Meesho Grocery), its community group buying business to over 200 cities. By making online grocery shopping affordable for first-time users across India's Tier 2+ markets, the company is enabling individuals to shop from a wide selection of groceries at ticket sizes as low as US$1.
Vidit Aatrey, Founder & CEO, Meesho said: "The next wave of growth in India's digital consumerism will undoubtedly come from Bharat [India]. We've always focused our efforts on enabling entrepreneurs from Tier 2+ markets to expand their business and in turn uplift small economic pockets in the country. The new round brings us a step closer to realizing our mission to democratize internet commerce for all, increase regional participation in the digital economy, and add momentum to local businesses. The participation of Fidelity Management & Research Company and B Capital Group is a big vote of confidence in our efforts. We will continue to invest in talent to build best-in-class tech and product solutions, while focusing on growth and furthering our efforts in scaling our online grocery business, Farmiso. I am confident we will continue to chart new milestones as we enable online success for every Indian business."
Anil Thadani, Chairman of Symphony's Manager, said: "We are excited to be a part of Meesho's unprecedented technological growth story. The way in which they are bringing India's domestic consumers together through a mobile platform has opened doors to a new entrepreneurial ecosystem, in which consumers outside the country's city centres will play an increasingly large role."
About Meesho
Meesho is India's fastest growing internet commerce platform. With a vision to enable 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce and bringing a range of products and new customers online. The Meesho marketplace provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 700+ categories, pan-India logistics, payment services and customer support capabilities to efficiently run their businesses on the Meesho ecosystem.
You can visit https://meesho.com for more on Meesho.
Symphony Asia Holdings Pte. Ltd. +65 6536 6177
Anil Thadani
Rajgopal Rajkumar
Dealing codes
The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.
The LEI number of the Company is 254900MQE84GV5DS6F03.
Symphony International Holdings Limited (LSE:SIHL) is a London listed strategic investment company that invests in consumer related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics, education and other sectors, including businesses that are technology-enabled and based predominantly in Asia. It offers a way for investors to gain exposure to rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and form long-term business partnerships with talented entrepreneurs and management teams. Symphony's investment team has a broad range of expertise - many of its professionals have been working in Asia for more than 35 years. For more information please visit our website at www.symphonyasia.com.
No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.
This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.
The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd.
End of Announcement