Meesho secures NCLT approval for reverse flip, nears IPO
What's the story
The National Company Law Tribunal (NCLT) has approved Meesho's request to move its headquarters back to India from Delaware, US.
The decision marks a major step in the e-commerce start-up's journey toward an initial public offering (IPO).
The company will now merge with its Indian counterpart and complete the redomiciling process in India.
Regulatory approval
Meesho has overcome all regulatory hurdles
Meesho has overcome all regulatory hurdles to continue its redomiciling process.
The company plans to unveil its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in a few weeks.
A spokesperson for Meesho said, "With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint."
Future prospects
Meesho plans to go public later this year
Meesho plans to launch an IPO this year, around Diwali, with a target of raising up to $1 billion at a valuation of $10 billion.
The move puts Meesho in line with other Indian start-ups like Razorpay, PhonePe, Groww, and Zepto that have also moved their bases back to India after being headquartered outside.