May 19, 2022

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Meesho IPO: Facebook-backed Indian startup Meesho targets early 2023 for IPO

BENGALURU: Indian startup Meesho, which counts Fb-proprietor Meta Platforms and SoftBank Group’s Eyesight Fund 2 as its buyers, is aiming to go general public in early 2023, a resource familiar with the make any difference explained to Reuters.

The Bengaluru-based social commerce platform is performing to be all set for a listing by the conclude of 2022 and is assessing both equally Indian and U.S. exchanges, according to an internal doc witnessed by Reuters.

In September, Meesho lifted $570 million at a valuation of $4.9 billion in a Series F funding round led by Fidelity Management & Analysis Organization and B Cash Team.

Resellers on the firm’s platform give a range of unbranded solutions, ranging from dresses to cosmetics to residence appliances, predominantly in the country’s more compact cities and towns.

End users can resell merchandise from the supplier marketplace for a financial gain margin to buyers, mostly by means of Meta-owned platforms WhatsApp, Fb and Instagram.

“Meesho is filing documents by January future yr and desires to basically be completed with the IPO by the initially 50 percent of 2023,” the source, who did not want to be named for the reason that he is not authorized to discuss to media, stated.

The firm did not react to various requests for remark from Reuters.

Dhiresh Bansal, a previous JPMorgan Chase investment decision banker hired as main financial officer in November, has been tasked with acquiring the startup’s publications in order and plug in any gaps in funds, the resource included.

Meesho had 17.8 million regular monthly transacting consumers on its system as of September surging from 5.5 million in March.

Indian know-how startups stated on the domestic bourses to combined reception in 2021. While meals shipping agency Zomato and cosmetics-to-fashion retailer Nykaa experienced blockbuster listings, digital payments app Paytm crashed on debut.

Founded in 2015 by Indian Institute of Know-how graduates Vidit Aatrey and Sanjeev Barnwal, Meesho also delivers logistics and payment equipment to sellers.

Facebook’s expense in Meesho in June 2019 was the Silicon Valley giant’s to start with equity financial investment https://meesho.io in an Indian startup.

The startup also counts Prosus Ventures and Sequoia Funds amongst its traders.