Meesho is targeting a December 2025 listing on Indian bourses, sources in the know said.
The Bengaluru-based company plans to raise approximately Rs 5,800–6,600 crore ($700–800 million) via the offering, which includes a primary issue of Rs 4,150 crore ($500 million). A secondary component is expected to account for roughly 10 % of the total issue size, enabling early investors, including Elevation Capital, Y Combinator, Peak XV and Venture Highway, to partially exit.
Meesho’s listing will add to a set of sizeable IPOs by Indian new-age companies this year.
Onmnichannel eyewear retailer Lenskart is preparing for a Rs 8,000-crore issue aiming for a November listing, while stockbroking startup Groww is also looking to go public with a Rs 7,000-crore offering next month.
Elevation Capital, Peak XV Partners and Prosus own 13-15% stake each in Meesho. Japanese investor SoftBank owns close to 10% stake in the etailer focused on value retailing at lower price points. Other investors in the company include WestBridge Capital and Fidelity.
“The company is looking to deploy the fresh proceeds from the offering towards server infrastructure, marketing spends and other general corporate purposes,” one of the persons aware of the plans said on the condition of anonymity.
Meesho’s last funding came through a $550-million round, which mainly comprised secondary transactions, through which it was valued at around $3.9 billion, down from its peak valuation of $5 billion. This round saw new investors come in such as Tiger Global, Think Investments and Mars Growth Capital.
The online retailer is expected to hold about Rs 7,500 crore ($900 million) in cash post the listing. The fresh issue proceeds will be used to scale server infrastructure, strengthen corporate capabilities and support growth.
ET reported on June 28 that Meesho had gained shareholder approval to raise Rs 4,250 crore through its IPO and had shifted domicile from the US to India.
Founded by Vidit Atrey and Sanjeev Baranwal in 2015, Meesho is looking to benchmark itself against global ecommerce peers such as China’s Pinduoduo and TMall and not as much to quick commerce companies like Blinkit, Swiggy’s Instamart or Zepto.
Having started life as a social commerce platform for community-based users, Meesho later pivoted to pure-play ecommerce and captured the non-metro markets with a firm grip. The company also launched its logistics vertical Valmo, which now accounts for over 50% of the volumes on the marketplace.
Meesho’s rival firm, Walmart-owned Flipkart, is also in the process of shifting its domicile to India, from Singapore, ahead of a planned public issue next year.
Brokerage firm CLSA has estimated India’s online retail market to be $80 billion in size for fiscal 2025, expecting it to grow to $196 billion by FY30. The research note by CLSA said that while Meesho is larger than both Amazon and Flipkart in terms of daily orders, it still trails the two rivals in gross merchandise value (GMV) terms.
The brokerage firm also pointed out that around 35% of Meesho’s orders are in the apparel category. However, this number has come down from 63% around three to four years ago as it has been expanding into categories such as footwear and accessories, kitchen and home decor, and beauty and personal care at a rapid clip.
According to people aware of Meesho’s financials, the company recorded a net merchandise value (NMV) of nearly Rs 30,000 crore in fiscal 2025, which is around 29% higher than FY24. The NMV metric is calculated as GMV excluding returns, cancellations but inclusive of taxes.
The company recorded 1.8 billion orders in fiscal 2025, up 37% from the 1.3 billion in FY24. For the quarter ended June 2025, it clocked 561 million orders, marking a 50% growth year-on-year. One of the persons cited above said that Meesho recorded a net loss of Rs 3,941 crore, primarily on account of a one-time expense it incurred for a tax payout to shift its domicile from the US to India. Loss before tax and exceptional items for FY25 stood at Rs 108 crore.
Meesho reported a 33% jump in FY24 operating revenue at Rs 7,615 crore, while narrowing its adjusted loss 97% to Rs 53 crore and turning operating cash flow positive.