Meesho, Acko to receive fresh funding from SoftBank's Kabir Misra's new fund

Social commerce startup Meesho and online insurance based company Acko are in talks to bag yet another funding round this year. One of the investors for the round is a new fund started by a managing partner of SoftBank.

Kabir Misra, who has served SoftBank Investment Adivisers as a Managing Partner for about a decade, has now started his own fund named RPS Investment Fund.

Misra’s $200-250 million worth RPS Investment Fund set up the fund to invest in early-to-mid stage startups across primarily US, Southeast Asia, and India.

The fund that has SoftBank as its anchor limited partner, is looking to invest around $10-15 million in Meesho, while a small $5 million in Acko.

Russian angel investor Yuri Milner is also expected to be a part of the Meesho funding round, reports Mint.

In June this year, Meesho had raised a series B round of $11.5 million to reach 20 million homepreneurs by 2020. Prior to this, the company had also raised $3.44 million about a year ago. Meesho’s existing investor include SAIF Partners, Y Combinator and Venture Highway among others.

Online Insurance startup Acko had secured Series A round of funding led by Amazon worth $12 million in May this year.

On a different note, with this fund’s closing, Kabir Misra will have to resign from his existing designation in SoftBank but is likely to keep working closing with the Japan-based investor’s team.