Facebook invests in Meesho

Ajit Mohan, vice-president and managing director, Facebook India, who made the announcement over a video conference call, said, 'Facebook is an ally for India's economic growth and social development. We are excited about India and its rapidly rising internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India.' However, the company has not disclosed the deal size. The development also comes at a time when Facebook has been testing payments for both Messenger and WhatsApp in India, which could help it diversify revenue stream. According to Mohan, two reasons persuaded Facebook to invest in Meesho. Firstly, its model is growing outside of the metros with a focus on tier II and III cities, where new internet users are based. Secondly and more importantly, it has two million resellers, more than 80 per cent of whom are women. Most of them are starting a business for the first time, thus boosting female entrepreneurship. ... DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chroniclehttps://able2know.org/user/shaikumar/