Market Overview

Facebook Buys Stake In India's Meesho


Facebook Inc (NASDAQ: FB) is buying a stake in the Indian social commerce start-up Meesho, according to Reuters.

Meesho is a digital platform that re-sells a variety of products from jewelry to mobile phones through social media platforms such as Facebook, WhatsApp and Instagram.

“It reflects the new India that is showing up on the Internet,” Ajit Mohan, vice president and managing director at Facebook India told Reuters.

Facebook's stock traded around $176.83 per share at time of publication.

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