Meesho's Mega IPO: Indian Ecommerce Platform Eyes $10 Billion Valuation

New Delhi (The Uttam Hindu): Indian e-commerce platform Meesho is gearing up for an initial public offering (IPO) later this year, seeking to raise approximately $1 billion. The company has appointed Morgan Stanley, Kotak Mahindra Capital and Citi as its IPO advisers, with JP Morgan potentially joining the syndicate. Meesho's planned IPO could see it debut on the stock exchanges between September and October, around Diwali. Bankers have reportedly pitched a valuation of $10 billion for the company. This development comes after Meesho raised $550 million in funding with a valuation of approximately $3.9-4 billion. The company has also filed for a reverse merger of its Indian subsidiary with its US-based parent entity.

Meesho reported strong financials in FY24, with operating revenue growing 33% to ₹7,615 crore and adjusted losses narrowing 97% to ₹53 crore. The platform saw a 35% year-on-year increase in orders, reaching 175 million annual transacting users. With Meesho's IPO on the horizon, the company is poised to outpace its rival Flipkart, which has been considering an IPO but awaits a decision from its parent company, Walmart.