Meesho becomes an Indian company ahead of IPO
What's the story
SoftBank-backed e-commerce platform Meesho has successfully completed its reverse flip process and shifted its domicile to India. The development has been confirmed by the documents filed with the Registrar of Companies. The firm's board approved the merger and share allotment to investors of the US entity, making it a fully Indian company. Meesho is expected to file for an initial public offering (IPO) in two to three weeks.
Corporate transition
Why Meesho was initially incorporated in US
Meesho, like other Y Combinator-backed start-ups like Groww and Razorpay, was initially incorporated in the US for easier access to global capital. However, with plans of going public on the Indian stock exchanges, these companies have been shifting their registered offices back to India. Meesho had applied for approval of its reverse merger in January with the National Company Law Tribunal (NCLT).
Growth trajectory
A look at the order tally
In March 2025, Meesho released its annual report showing a 34% year-on-year growth in orders during the April-December 2024 period. The company clocked 1.3 billion orders, matching its total for the entire fiscal year of 2024. As of December 31, it had 187 million unique annual transacting users—a whopping 26% increase from the previous year.
Market standing
GMV run rate pegged at $6.2B
A CLSA report in March pegged Meesho's gross merchandise value (GMV) run rate at $6.2 billion, estimating a 26% compound annual growth rate (CAGR) over the next six years. The research note estimated Meesho's market share to be at 37% in terms of order volume for calendar year 2024. However, in terms of GMV, its market share was around 8.5%, CLSA said.