Meesho Closes Another $250-270 Mn Round: Report

SUMMARY

Meesho reportedly closed another $250-270 Mn from new investors such as Tiger Global, Think Investments, Mars Growth Capital, majority of which is in secondary share sale

Meesho has also filed an application with the NCLT on shifting its domicile to its Indian unit Fashnear Technologies

The Bengaluru-based firm is now looking to file the draft IPO papers in the second half of 2025 and a potential listing in 2026

Ecommerce major Meesho

has reportedly closed another $250-270 Mn in a funding with new investors joining the captable, including Tiger Global, Think Investments, Mars Growth Capital, majority of which is in secondary.

With the addition of new investors, the ongoing capital raise has surged the round’s total to about $550 Mn (around INR 4,750.9 Cr), the ET reported, citing sources familiar with the matter.

Furthermore, after a year of talking about the ecommerce unicorn’s reverse flip to India, Meesho filed an application with the National Company Law Tribunal (NCLT) Bengaluru to shift its domicile to its Indian unit Fashnear Technologies, which would clear path for its upcoming plans of hitting the bourses, sources also said in the report.

Inc42 has reached out to Meesho for comments on the development. The story will be updated based on the response.

Based on one of the sources, the report revealed that Peak XV and WestBridge Capital were among the existing investors that participated in the funding round, of which the primary capital raise may be used for covering the tax outgo on the reverse merger.

“Yes, the round has closed with a majority in secondary. The company and the board earlier had discussed that the primary capital raise is largely to account for the merger, since it doesn’t want to dip into its existing cash reserve,” the report quoted the source as saying.

The deal is expected to have valued Meesho at about $3.9-4 Bn, as per sources, which is around 20% decrease from its last valuation of $4.9 Bn.

Previously, the ecommerce platform closed a $275 Mn funding round through a mix of primary and secondary share sale, in May 2024.

Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho claims to have over 15 Lakh sellers on its ecommerce platform from across India. The startup also claims to have more than 140 Mn annual transacting users.

Meesho counts DST Partners, Elevation Capital, Facebook and Prosus among its investors.

In terms of making its entry into the exchanges, sources added that the Bengaluru-based firm is now looking to file the draft IPO papers in the second half of 2025 and a potential listing in 2026, contingent on the speed of NCLT approval, as per the report.

To note, Meesho managed to narrow its net loss by 81.8% to INR 304.9 Cr in the financial year 2023-24 (FY24) from INR 1,675 Cr in the previous year. Its operating revenue zoomed 32.8% to INR 7,614.9 Cr in FY24, from INR 5,734.5 Cr, a year ago.

Updated at 10:04 AM