Meesho, a homegrown e-commerce platform, is planning to go public later this year, with the goal of raising around $1 billion through an initial public offering (IPO). The company has reportedly engaged Citi, Morgan Stanley, and Kotak Mahindra Capital as IPO advisers, and discussions are in progress to perhaps add JP Morgan to the syndicate.
If Meesho goes ahead with its public listing as planned, it would outperform its rival Flipkart, which has been mulling an IPO but is waiting for a decision from its parent firm, Walmart.
Bankers are reportedly pitching a $10 billion value for Meesho's IPO, with plans to file draft filings in the coming weeks. The company is anticipated to list on the stock exchanges between September and October, around Diwali.
Meesho secured $550 million in investment
Earlier this year, Tiger Global, Think Investments, and Mars Growth Capital invested between $250 and $270 million in Meesho. This round raised the company's overall funding to almost $550 million, with a major chunk coming from secondary deals. The valuation for this round was roughly $3.9-4 billion.
Meesho achieved a solid financial performance in fiscal year 2023-24. Year over year, the company's operating revenue climbed from ₹5,735 crore to ₹7,615 crore, a 33% rise.
According to the site, orders increased by 35% year over year by the end of 2024, reaching about 175 million transactional customers annually. Around 50% of its users came from tier-4 and smaller areas, demonstrating its reach into India's rural and semi-urban sectors.
