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₹111 - 111
Meesho Ltd
E-Commerce/App based AggregatorIPO
₹111 - 111
Meesho is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders: consumers, sellers, logistics partners, and content creators. Our value-focused ecommerce marketplace serves consumers from diverse income backgrounds across India by offering `Everyday Low Prices.' This is made possible by providing a low-cost channel for sellers, which in turn allows them to offer a wide assortment of products at affordable prices to consumers. Sellers on Meesho include manufacturers, wholesalers, and traders. We engage with logistics partners, encompassing first and last-mile delivery businesses, sorting centres, and truck operators, to ensure cost efficient order fulfilment. Content creators on Meesho enhance product discovery and drive sales by sharing engaging content. Our platform is designed to deliver a personalised discovery led shopping experience to consumers, making online shopping easy and engaging for consumers. We monetize our platform through services that are provided to sellers such as order fulfilment, advertising, and data insights.
Lot135Min Invest₹14,985Face Value₹1Issue Size₹5,421 CrFresh Issue₹4,250 CrOffer for Sale₹1,171 CrListing Price₹161CMP₹209
Timeline
3 Dec
Bidding opens
5 Dec
Bidding closes
8 Dec
Allotment
9 Dec
Refund & demat credit
10 Dec
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹5,421 Cr48.84 Cr shares
Fresh Issue₹4,250 Cr
Offer for Sale₹1,171 Cr
Face Value₹1
Lot Size135 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,9851-13 lots
sNII₹2,09,790from 14 lots
bNII₹10,03,995from 67 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerJ.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrElevation Capital V LimitedOTH2,44,45,349271.34Peak XV Partners Investments VOTH1,73,80,873192.93Venture Highway Series 1, a Series of Venture Highway SPVs LLCOTH86,36,72795.87Y Combinator Continuity Holdings I, LLCOTH71,95,45379.87Vidit AatreyPRMTR1,60,00,000177.60Sanjeev KumarPRMTR1,60,00,000177.60Golden Summit LimitedOTH79,61,64088.37Man Hay TamINDVL33,01,14036.64Gemini Investments, L.P.OTH12,47,35113.85Sarin Family India LLCOTH15,91,04417.66Crimsn Holdings, LLCOTH5,16,6905.74Titan Patriot Fund LtdOTH7,65,3608.50Rajul GargOTH4,72,2125.24Total10,55,13,8391,171.20
Shareholding
CategoryPre IPOPost IPOPromoter Group18.5%16.76%Public81.5%83.24%
Objects of the Issue
- Investment for cloud infrastructure, in MTPL, the company Subsidiary
- Payment of salaries of our existing and replacement hires for the Machine Learning and AI and technology teams for AI and technology development undertaken by MTPL, its Subsidiary
- Investment in MTPL, our Subsidiary, for expenditure towards marketing and brand initiatives
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 5,735 | 7,615 | 9,390 | 12,626 | 13,835 |
| Operating ProfitCr | -1,799 | -494 | -579 | -1,485 | -1,475 |
| OPM% | -31.4 | -6.5 | -6.2 | -11.8 | -10.7 |
| PBTCr | -1,675 | -328 | -1,455 | -1,209 | -1,102 |
| PATCr | -1,675 | -328 | -3,942 | -1,358 | -1,201 |
| EPS | -225 | -1 | -10 | -3 | -3 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 8 | 0 | 0 | 456 | - |
| ReservesCr | 2,169 | 1,876 | 1,048 | 3,930 | - |
| BorrowingsCr | 0 | 72 | 58 | 63 | - |
| Fixed AssetsCr | - | - | 96 | 195 | - |
| Total AssetsCr | 3,553 | 4,161 | 7,226 | 7,907 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -2,303 | 220 | 539 | -3,875 | - |
| Investing Cash FlowCr | -1,289 | -166 | -2,635 | 247 | - |
| Financing Cash FlowCr | 3,263 | -11 | 2,105 | 4,101 | - |
| Net Cash FlowCr | -328 | 43 | 9 | 473 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Our platform is built on multiple scaled self-reinforcing flywheels.
- Our technology-first mindset with focus on AI driven solutions.
- Delivering `everyday low prices' to consumers structurally.
- Trusted layer among our stakeholders.
- Ability to scale in a capital efficient manner.
- Organisation built on culture of agility and innovation, with experienced management team.
Strategies · as stated in the DRHP
- Increase consumer base and their transaction frequency by expanding our product listings and seller base.
- Further invest in technology and product development and enhance our AI capabilities.
- Deepen our ability to make e-commerce affordable and accessible.
- Increase our cash flow generation by enhancing platform monetization.
- Drive innovation through Horizon 2 Initiatives.
Risks · as stated in the DRHP
- The company has incurred losses since its inception in 2015. While the company were cash flow positive in the six months period ended September 30, 2024, and Fiscals 2025 and 2024, the company has Restated loss before exceptional items and tax of Rs.4,332.14 million and Rs.240.38 million in the six months period ended September 30, 2025 and September 30, 2024, and Rs.1,084.29 million, Rs.3,145.33 million and Rs.16,719.02 million in Fiscals 2025, 2024 and 2023, respectively. the company has negative cash flows from operating activities for the six months period ended September 30, 2025 and Fiscal 2023. If its unable to generate adequate revenue and manage the company's cash flows and expenses, the company's may continue to incur losses.
- If its fails to attract and retain consumers on the company platform its business, financial condition, cash flows and results of operations may be adversely impacted.
- If Its fails to attract and retain sellers on the company platform, its business, financial condition, cash flows and results of operations may be adversely affected.
- Products sold on Meesho are delivered to consumers through third party logistics partners either through (i) Valmo, our technology platform or (ii) end-to-end logistics partners. Further, we engaged with five end-to-end logistics partners during the six months period ended September 30, 2025. Service interruptions, failures, constraints or inadequate service quality of these logistics' partners could harm our business, financial condition and prospects.
- Any disruption to our technology infrastructure or system availability could impair our ability to ensure consistent platform performance and deliver uninterrupted services. Further, if we do not continue to develop our technology stack or introduce new tech enabled tools, or we are not able to keep pace with technological developments, we may not remain competitive and our business, financial condition, cash flows and results of operations could be adversely affected.
- A large portion of orders on Meesho are paid using cash on delivery ("CoD"). In the six months period ended September 30, 2025 and September 30, 2024, and Fiscals 2025, 2024 and 2023, 72.00%, 78.51%, 76.95%, 85.39% and 88.71%, respectively, of Shipped Orders were on CoD basis. CoD reduces the rate of successful deliveries and increases operational inefficiencies and risks related to cash handling.