SoftBank-backed Meesho, a homegrown e-commerce platform, is preparing for an IPO later this year, aiming to raise around $1 billion, according to sources. The company has already appointed Morgan Stanley, Kotak Mahindra Capital, and Citi as advisers for the listing, with JP Morgan possibly joining the syndicate.
If Meesho goes public in 2025, it will beat Walmart-owned Flipkart to the stock market. Flipkart, a dominant player in Indian e-commerce since 2007, is also planning an IPO but is awaiting a decision from its parent company on the timeline.
Meesho’s IPO is expected to be valued at $10 billion—2.5 times its 2024 valuation of $3.9 billion. The company plans to file its draft papers in the coming weeks, with a potential listing around Diwali (September-October).
Before moving ahead with the IPO, Meesho must shift its headquarters from Delaware, US, to India. This reverse merger process is in advanced stages and could cost the company around $300 million in taxes.
Despite entering the e-commerce market in 2015, Meesho has rapidly grown, competing with Flipkart and Amazon by focusing on budget-conscious customers in Tier 3 and smaller cities. Its revenue has climbed from ₹3,240 crore in FY22 to ₹7,615 crore in FY24, while net losses have significantly reduced from ₹3,248 crore to ₹305 crore over the same period.
Several Indian startups, including PhysicsWallah, Ather, and Lenskart, are seeking higher valuations in their IPOs, unlike firms such as Ola Electric and FirstCry, which listed at lower-than-expected valuations to attract investors.
Meesho’s stock market debut is set to be a major milestone in India’s startup ecosystem, highlighting the company’s growth and profitability improvements.
