Meesho eyes ₹6,600cr IPO in December, files updated papers
What's the story
Bengaluru-based e-commerce platform Meesho has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). The move marks India's first listing of a pure-play horizontal e-commerce marketplace. The company is eyeing a December 2025 listing on Indian bourses and hopes to raise ₹5,800-6,600 crore ($700-800 million) through the offering.
Stakeholders
OFS to include major early backers
The upcoming IPO will see a primary issue of ₹4,250 crore ($500 million). Elevation Capital is selling the largest chunk in the offer for sale (OFS), followed by Peak XV Partners and Venture Highway. Founders Vidit Aatrey and Sanjeev Barnwal, who are tagged as the company's promoters, are also partially offloading their stake in Meesho.
Financials
Meesho's last funding round
Meesho's last funding round was a $550-million deal, mostly comprising secondary transactions, which valued the company at $3.9 billion, down from its peak valuation of $5 billion. Post-listing, the online retailer is expected to hold some ₹7,500 crore ($900 million) in cash. The proceeds from the fresh issue will be used to scale server infrastructure and strengthen corporate capabilities, among other things.
Market standing
Financials and operational metrics
Meesho is larger than both Amazon and Flipkart in terms of daily orders, but lags behind them in gross merchandise value (GMV). The company has been expanding into categories like footwear, accessories, kitchen & home decor, beauty & personal care at a rapid pace. For the fiscal year ending March 2025, Meesho reported ₹9,390 crore in operating revenue, 23% higher than FY24.