E-commerce firm Meesho files confidentially for Rs 4,250 crore India IPO

Ecommerce platform Meesho has confidentially filed for a ₹4,250 crore initial public offering (IPO) with  the Securities and Exchange Board of India (Sebi), joining a wave of startups rushing to go public this year, according to people familiar with the matter. The Bengaluru-based company is targeting a market debut in September or October.

 

The move comes as Meesho has emerged as India's third-largest ecommerce platform, reaching a gross merchandise value run rate of $6.2 billion for 2024-25 (FY25). The company reported a 33 per cent increase in revenue to ₹7,615 crore for FY24, while narrowing its net loss to ₹53 crore from ₹1,569 crore the previous year.

 

 

The IPO filing positions Meesho ahead of many other startups in India's public market rush. Fintech firm Pine Labs filed its draft prospectus with the market regulator last week, while furniture retailer Wakefit and cloud kitchen operator Curefoods submitted pre-IPO documents recently, signaling renewed momentum among consumer-facing startups. 

 

The company received shareholder approval last week to proceed with its IPO and to designate cofounder and chief executive Vidit Aatrey as chairman and managing director, according to sources. Till March 2024, Meesho was valued at about $3.9 billion, according to data platform Tracxn.

 

A recent CLSA report projects the company will grow at a 26 per cent compound annual growth rate through FY 2031, as Meesho's gains come at the expense of incumbent players.

 

Meesho did not respond to requests for comment on the company's IPO plans.

 

The company, which counts Fidelity Investments, SoftBank Group, Prosus, and Peak XV Partners among its backers, joins other startups using the confidential filing route. A confidential pre-IPO filing allows companies to submit offering documents without immediate public disclosure, giving them time to address regulatory feedback while keeping financial details shielded from competitors.