Bengaluru-based e-commerce marketplace Meesho has secured shareholder approval to proceed with its initial public offering (IPO), targeting a fresh capital raise of ₹4,250 crore (approximately $500 million), as per filings with the Registrar of Companies.
The company granted the approval during an extraordinary general meeting (EGM).
Meesho finalized its domicile shift from the US to India last week and is now preparing to file its draft IPO prospectus through SEBI’s confidential filing route, according to official documents.
In a separate development, Meesho’s shareholders have approved the appointment of founder Vidit Aatrey as the company’s Chairman, Managing Director, and CEO.
“The proposed offering will include a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale of equity shares by certain existing shareholders of the company,” the filing said.
This marks the final step before the company submits its filings to the market regulator, SEBI.
Among Meesho’s largest institutional shareholders are Elevation Capital, Peak XV Partners, and Prosus, each holding between 13–15% stake. SoftBank, the Japanese investment giant, also holds nearly 10% stake in the e-tailer, which focuses on value-driven retail at lower price points.
Other notable investors in the company include WestBridge Capital and Fidelity.
The company’s last funding round—a $550 million raise—was primarily driven by secondary transactions and pegged Meesho’s valuation at around $3.9 billion, slightly below its peak valuation of $5 billion. This round welcomed new investors like Tiger Global, Think Investments, and Mars Growth Capital, alongside existing backers such as Peak XV Partners and WestBridge Capital.
Regulatory filings also reveal that Meesho has expanded its 2024 employee stock option plan (ESOP) by adding 1.1 million new options, bringing the total ESOP pool to 7.5 million stock options.
According to a recent investor presentation by Prosus, Meesho processed over 1.8 billion orders in FY25, marking a 37% year-on-year growth compared to 1.3 billion orders in FY24.
With this IPO, Meesho could become India’s first horizontal e-commerce platform to go public. Walmart-owned Flipkart, Meesho’s closest rival, is actively shifting its domicile from Singapore to India as it prepares for its planned IPO next year.
The public markets are expected to see a wave of listings from digital-first and internet-led businesses. Companies such as Groww, Pine Labs, PhysicsWallah, Urban Company, Shiprocket, boAt, Wakefit, and Capillary Technologies have already filed with SEBI in 2024. In addition to Meesho, Lenskart and logistics player Shadowfax are also gearing up to file their draft red herring prospectuses soon.
