Meesho has received shareholder approval to launch its IPO. The aim is to raise Rs 4,250 crore, about $500 million in fresh capital, according to filings with the Registrar of Companies. Meesho is a Bengaluru-based e-commerce marketplace.
According to the documents, this platform will file its draft IPO prospectus under SEBI's confidential route. Meesho completed its domicile shift from the US to India last week.
“The proposed offering will include a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale of equity shares by certain existing shareholders of the company,” the filing said.
This is the final step before the company makes its filings with the market regulator.
Meesho's shareholders approved the plan to designate founder Vidit Aatrey as the chairman, managing director and CEO of the company.
A presentation by its investor Prosus this week showed that in FY25, Meesho clocked over 1.8 billion orders, a 37% year-on-year growth from 1.3 billion orders in fiscal 2024.
Owning between 13-15% stake each, Investors Elevation Capital, Peak XV Partners and Prosus are among the largest institutional shareholders in Meesho. Japanese investor SoftBank owns a close to 10% stake. Other investors in the company include the likes of WestBridge Capital and Fidelity.
Largely in secondary transactions, Meesho's last funding was a $550-million round, through which it was valued at around $3.9 billion. It was a slight discount to its peak valuation of $5 billion. Tiger Global, Think Investments, and Mars Growth Capital were the new investors participating in addition to existing backers such as Peak XV Partners and WestBridge Capital.
