NEW DELHI: SoftBank-backed e-commerce platform Meesho has filed updated draft papers with markets regulator SEBI to raise ₹4,250 crore through an initial public offering (IPO).
The proposed IPO includes a fresh issue of equity shares worth up to ₹4,250 crore and an offer for sale (OFS) of up to 17.56 crore shares by existing investors. Early backers such as Elevation Capital, Peak XV Partners, Venture Highway, and Y Combinator are among those offloading part of their stakes. Sources said existing investors plan to sell around 5–7% of their holdings.
The company’s final valuation and overall IPO size will depend on the price band, which will be announced later.
As per the filing, Meesho intends to use the IPO proceeds for investments in cloud infrastructure via Meesho Technologies Pvt. Ltd., hiring and salary expenses for its AI, machine learning, and technology teams, marketing and brand-building initiatives, and to pursue acquisitions and other strategic growth opportunities, alongside general corporate purposes.
Kotak Mahindra Capital, JP Morgan, Morgan Stanley, Axis Capital, and Citi are acting as Book Running Lead Managers to the issue.
Meesho reported a 29% year-on-year growth in Net Merchandise Value (NMV) to ₹29,988 crore in FY25, following a 21% increase in FY24. In the first quarter of FY26, NMV rose 36% to ₹8,679 crore.
However, the company posted a net loss of ₹3,942 crore in FY25, mainly due to one-time exceptional expenses such as reverse flip tax and perquisite tax related to its transition into a public company.
The filing also highlighted that Meesho is India’s largest e-commerce platform by annual placed orders for the twelve months ended June 30, 2025, recording about 5.8 times more orders than the average of other scaled e-commerce players.
Meesho had earlier submitted its draft documents to SEBI in July through the confidential filing route.
