India social commerce startup Meesho valued at $5 billion by Fidelity

Meesho raised $570 million in fresh funding led by Fidelity Investments

Social commerce startup Meesho Inc. raised $570 million in fresh funding led by Fidelity Investments and Facebook co-founder Eduardo Saverin’s B Capital, adding to the frenzy of global backing for India’s startup ecosystem.

The fundraising takes the Bangalore-headquartered startup’s valuation to $4.9 billion, more than doubling from five months ago when SoftBank Group Corp. led a round that valued it at $2.1 billion. The Japanese company joined other existing investors Naspers Ltd.’s Prosus Ventures and Facebook Inc. in the latest funding, the startup said in an emailed announcement. India’s leading online retailers have focused mainly on the so-called organized segment