Suspense crime, Digital Desk : Indian e-commerce giant Meesho is making significant moves to strengthen its corporate governance as it gears up for a massive Initial Public Offering (IPO) expected to be worth around $1 billion. The company has announced a major reshuffle of its board of directors, bringing in a seasoned tech executive and streamlining its structure.
In a key appointment, Meesho has named Surojit Chatterjee, the former Chief Product Officer at cryptocurrency exchange Coinbase, as an independent director. Chatterjee brings a wealth of experience from his time at other global tech giants, including Google and Indian e-commerce rival Flipkart, making his addition a major coup for the company.
As part of the overhaul, two prominent investors will be stepping down from the board: Harshjit Sethi of Peak XV Partners (formerly Sequoia Capital India) and an investor representative from Prosus. This is a common and strategic step for startups heading towards an IPO, as it helps create a more independent board structure that is favorable for public markets.
Following these changes, Meesho’s board will consist of eight members. The company’s co-founders, Vidit Aatrey and Sanjeev Barnwal, will continue to serve as executive directors. The board will also include investors from key backers like SoftBank and Fidelity.
This board recast is part of a broader strategic initiative that includes the company “reverse flipping”—moving its legal domicile from Delaware, USA, back to India. This complex process simplifies the company’s structure and aligns it more closely with the Indian market ahead of its planned listing.
After recently achieving profitability for a quarter, Meesho is focused on maintaining that momentum as it targets a public listing within the next 12 to 18 months. These strategic moves signal that the company is laying a robust foundation to attract public investors for its highly anticipated stock market debut.
Read More: Meesho Overhauls Board, Appoints Ex-Coinbase Exec in Major Pre-IPO Move
