Meesho IPO: E-commerce firm aims ₹6,600 crore raise and $7–8 billion valuation

Bengaluru-based Meesho Limited is stepping into the public markets, marking one of India’s biggest startup listings in 2025. Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho built its name by empowering small merchants and resellers across India’s tier-2 and tier-3 cities, turning social-commerce into mainstream e-commerce.

In its updated draft papers, Meesho has proposed a fresh issue of ₹4,250 crore along with an offer-for-sale (OFS) from existing investors, totaling a likely ₹5,800–6,600 crore issue size (around $700–800 million). The company expects to hit the bourses by December 2025, pending SEBI approval and market conditions.

The IPO could value Meesho at around $7–8 billion, nearly doubling its last private valuation of $3.9–4 billion. Analysts suggest this range is more realistic than the earlier $10 billion ambition, allowing room for post-listing performance. Proceeds from the fresh issue are expected to fund technology upgrades, logistics expansion (via Valmo), and general corporate purposes.

Meesho’s business model thrives on low-cost supply chains and a large network of small sellers offering value-priced goods. Its focus on Bharat-centric customers—those in non-metro India—has given it strong user growth but tight margins. The platform has been pushing to improve unit economics and narrow losses through operational efficiency and better ad monetisation.

The IPO will test investor appetite for consumer-internet listings after a cautious phase for tech valuations. Meesho’s move to redomicile its holding to India earlier this year is viewed as a signal of long-term commitment to domestic markets and regulators.

Key lead managers on the deal include Kotak Mahindra Capital, Morgan Stanley, J.P. Morgan, Axis Capital, and Citi. The final price band, lot size, and subscription dates will be announced once SEBI clears the red herring prospectus. Retail investors should watch how the company positions its growth story against profitability challenges and competition from Amazon and Flipkart.

For now, the Meesho IPO stands as one of the most anticipated tech listings of 2025, offering investors a glimpse into the next chapter of India’s e-commerce evolution.