Meesho Completes Reverse Flip To India

Weeks after receiving the NCLT’s approval to shift domicile back to India, IPO-bound Meesho has completed its “desh wapsi”. The startup’s board passed a resolution to merge its US-based entity Meesho Inc along with its India entity Meesho Ltd.

As per Meesho’s regulatory filings with the MCA, 406.99 Cr shares of the merged entity have been transferred to the shareholders of Meesho Inc in a ratio of 60 equity shares to 1 common stock in the US-based entity. This includes 181.60 Cr merger equity shares and 187.52 Cr merger CCPS. Besides, 48 shares of the company have also been transferred to Meesho founder Vidit Aatrey, who was also the nominee of Meesho Inc. 

This comes almost a week after it was reported that Meesho received approval from the NCLT to shift its headquarters back to India. The NCLT Bengaluru Bench issued clearance to the ecommerce major in an order dated May 27, 2025.

Back then, Meesho said that its decision to flip back to India aligns with its daily business operations, which is majorly held in India. 

“With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint,” a Meesho spokesperson said. 

The latest development was first reported by ET. The report added that Meesho is liable to pay around $300 Mn in taxes to shift its headquarters from the US. 

With this, all roads have been cleared for the ecommerce major to file its draft red herring prospectus (DRHP) for an IPO. Meesho is said to be looking to raise between $700 Mn to $800 Mn from its public offering. For the IPO, the startup has roped in Citigroup, Kotak Mahindra Capital and Morgan Stanley as investment bankers. It is now looking to file its IPO papers in a few weeks via the confidential route.

Important to note that the startup has also completed the prerequisite step of converting into a public company before going for an IPO. In the process, Meesho altered its legal name to ‘Meesho Limited’ from ‘Fashnear Technologies Private Limited’ to “align its corporate identity and brand identity, thereby eliminating any inconsistencies in public perception.”

In January, the company raised $250 Mn to $270 Mn funding, with new investors like Tiger Global, Think Investments, Mars Growth Capital joining the cap table.