Stepping up its efforts to go public later in the year, ecommerce major Meesho is reportedly planning to raise $1 Bn through an initial public offering (IPO).
Source told Moneycontrol that “discussions are on and the company has already picked Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO.”
Meanwhile, another source told the publication that while Meesho is aiming to raise $1 Bn, bankers have pitched a valuation of $10 Bn.
“It is likely that even JP Morgan will be added to the IPO syndicate if talks materialise,” the source added.
Inc42 has reached out to Meesho for comments on the development. The story will be updated based on the response.
Sources also confirmed that Meesho will be filing its draft documents over the coming weeks.
This comes just close to two months after the ecommerce giant of between $250 Mn and $270 Mn to take its funding round total to approximately $550 Mn.
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.
In December last year, Meesho’s backer Prosus initially of H1 FY25 that Meesho is one of the potential companies to be listed on the bourses in 18 months.
Reports also suggest that the company has also 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.
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.
Meesho managed to 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.
(The story will be updated soon.)
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