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Meesho to rename legal entity ahead of $1 Bn IPO

EntrackrEntrackr ยท 2m ago
Meesho to rename legal entity ahead of $1 Bn IPO
Medial

Meesho to rename legal entity ahead of $1 Bn IPO Homegrown e-commerce platform Meesho has received board approval to change its legal name as part of a strategic move ahead of its public listing. The companyโ€™s board and members have approved a special resolution to rename the entity from โ€œFashnear Technologies Private Limitedโ€ to โ€œMeesho Private Limited,โ€ according to a regulatory filing with the Registrar of Companies (RoC). This development comes just a month after reports indicated that Meesho is preparing for a $1 billion IPO. According to media reports, the firm shortlisted Morgan Stanley, Kotak Mahindra Capital, and Citi as its IPO advisers, with discussions ongoing to include JP Morgan in the syndicate. The bankers have reportedly valued Meesho at $10 billion for its IPO, with plans to file draft documents in the coming months. The company aims to list on the stock exchange around Diwali this year. On a year-on-year basis, the company saw a 33% year-on-year revenue growth, reaching Rs 7,615 crore in the fiscal year ending March 2024. It also reduced its adjusted losses by 97% to Rs 53 crore. During the first nine months of FY25, Meesho delivered 1.3 billion orders.

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Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr ยท 19d ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meeshoโ€™s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, โ€œThis filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.โ€ However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meeshoโ€™s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Meesho delivers 1.3 Bn orders during first 9 months of FY25

EntrackrEntrackr ยท 3m ago
Meesho delivers 1.3 Bn orders during first 9 months of FY25
Medial

Homegrown e-commerce platform Meesho has released its first annual report, highlighting strong growth driven by technology and AI. The company claims that it became the first horizontal e-commerce platform in India to achieve profitability in FY24, generating Rs 197 crore in free cash flow. Its adjusted losses dropped by 97% to Rs 53 crore (excluding employee share-based compensation). As of December 2024, Meesho reported 187 million annual transacting usersโ€”serving approximately 13% of Indiaโ€™s population, as per the report. Between April and December 2024, users placed 1.3 billion orders, cementing Meeshoโ€™s position as the most downloaded shopping app for the fourth consecutive year. The platform processes 67 trillion features daily and handles 500,000 user requests per second at peak load. Meeshoโ€™s logistics arm, Valmo, handled over 50% of its daily orders, covering 15,000 pin codes and creating 85,000 jobs. Supporting 400,000 sellers with a 0% commission model, Valmo has made online selling more accessible for SMEs. In February last year, Meesho announced the launch of Valmo, a full-fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho partners and deliver orders in their nearby areas. Meesho also plans to go public later this year, aiming to raise around $1 billion at a $10 billion valuation, with JP Morgan potentially joining the IPO syndicate.

Meesho completes reverse flip, merges US entity with Indian

EntrackrEntrackr ยท 11d ago
Meesho completes reverse flip, merges US entity with Indian
Medial

Homegrown e-commerce platform Meesho concludes its reverse flip to India after receiving final National Company Law Tribunal (NCLT) approval last week. As per its recent filing with the Registrar of Companies, Meeshoโ€™s board has approved the merger of its US-based entity, Meesho Inc., with its Indian arm. As part of the process, shares of the Indian entity have been allotted to the US investors, making Meesho a fully Indian entity. As per media reports, the company is expected to pay $280-$300 million tax in the US to relocate its domicile. The Softbank-backed company is likely to file its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for a $1 billion initial public offer (IPO). The e-commerce giant has shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan and Citi Bank as its bankers. According to startup data intelligence platform TheKredible, Meesho has raised over $1 billion in funding to date from investors including Softbank, Prosus, Fidelity Investments, Peak XV and others. The company sustained its growth momentum, posting a 33% year-on-year increase in revenue to Rs 7,615 crore for the fiscal year ending March 2024. It also narrowed its adjusted losses by 97% to Rs 53 crore in FY24. With this reverse flip, the company joins the ranks of Razorpay, Groww, Zepto, Dream11, and PhonePe, all of which have shifted their domiciles back to India. Razorpay paid $150 million while PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meeshoโ€™s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Invesco marks up Swiggyโ€™s valuation to $12.7 Bn

EntrackrEntrackr ยท 1y ago
Invesco marks up Swiggyโ€™s valuation to $12.7 Bn
Medial

Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn. This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggyโ€™s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firmโ€™s valuation to $12.1 billion in March this year. ET reported the development first citing US Securities and Exchange Commission filings. The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackrโ€™s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development. Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public in this or early next year. This is a developing storyโ€ฆ

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