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News on Medial
Woman orders jewellery from Meesho, gets empty cream box; shares video
Inshorts
·
2y ago
Medial
A woman took to Instagram to share a video recounting her experience with Meesho, stating that she had received an empty box of cream instead of the jewellery she had ordered. She also mentioned a previous incident where Meesho had delivered a tummy tucker instead of the hair clips she had requested. A user commented on the video, expressing dissatisfaction with Meesho's customer care service.
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Meesho converts to public entity in run-up to IPO
Economic Times
·
1m ago
Medial
Meesho is transitioning to a public entity as it prepares for an IPO. This involves converting from a private to a public limited company and redomiciling from the US to India. Meesho is preparing strategically and has appointed key merchant bankers for the public issue. Recently, it granted bonus shares and reported significant growth, with a 34% increase in orders and 26% more unique annual users. Meesho's gross merchandise value is set to grow rapidly, highlighting its expanding market share.
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Meesho co-founders exercise 27 lakh options ahead of IPO
Entrackr
·
3m ago
Medial
Exclusive: Meesho co-founders exercise 27 lakh options ahead of IPO Meesho’s co-founders, Vidit Aatrey and Sanjeev Kumar, have exercised equity shares under the company’s 2024 ESOP plan—a move that comes as Meesho gears up for its Initial Public Offering (IPO). The board at Meesho has passed a resolution to allot 20,65,211 equity shares to Vidit Aatrey and 6,59,323 equity shares to Sanjeev Kumar following the exercise of stock options, according to regulatory filings accessed from the Registrar of Companies (RoC). Entrackr estimates that the exercised shares from the 2024 ESOP plan are valued at approximately Rs 1,023 crore ($120 million). However, Meesho clarified in a statement that these shares are not additional but part of the previously allocated ESOP pool. “Further, the valuation referenced in your email is incorrect, as these shares do not carry any additional value; they are simply existing ESOPs that the Founders have chosen to exercise,” the company’s spokesperson said. Meesho is planning to go public this year and aims to raise $1 billion through its IPO. Media reports indicate that the company will soon file its draft documents and is targeting a listing around Diwali. In 2024, Meesho announced its largest-ever ESOP buyback program, worth Rs 200 crore (approximately $25 million). This initiative is set to benefit around 1,700 past and present employees, spanning from junior executives to senior leadership. Meesho is the third largest horizontal e-commerce company after Flipkart and Amazon. The Bengaluru-based platform targets value-conscious consumers across tier II and III cities. It also operates logistics platform Valmo which currently handles over 50% of its overall orders. The firm recorded a 33% year-on-year revenue growth to Rs 7,615 crore in the fiscal year ending March 2024, while reducing its adjusted losses by 97% to Rs 53 crore during the same period. Notably, in the first nine months of FY25, the company claims to have delivered 1.3 billion orders.
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Box gets even smarter with Azure OpenAI Service integration
Techradar
·
1y ago
Medial
Box, the cloud storage provider, has partnered with Microsoft's Azure OpenAI Service to enhance its artificial intelligence (AI) capabilities. This collaboration will allow Box to leverage large language models (LLMs) from Azure OpenAI Service to bolster Box AI without compromising security and compliance standards. Box AI offers insights and summaries for various industries including finance, insurance, legal, and public sectors. Box also highlighted its existing integrations with Microsoft 365 apps and plans to integrate with Microsoft's Copilot for Teams in the future. The collaboration aims to provide advanced and secure solutions for enterprises.
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IPO-bound Meesho to change Indian parent entity’s name from Fashnear Technologies
Economic Times
·
2m ago
Medial
Meesho, an ecommerce company preparing for an IPO, plans to rename its Indian entity from Fashnear Technologies Pvt Ltd to Meesho Pvt Ltd to align its corporate and brand identities. The change aims to boost brand recall and stakeholder trust. This follows similar moves by other companies like Swiggy and Urban Company. Meesho has shown strong growth, with a 34% year-on-year increase in orders and a notable rise in market share, despite a slightly reduced valuation.
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Meesho gets NCLT approval for its reverse flip from US
YourStory
·
1m ago
Medial
Meesho, an ecommerce unicorn backed by Prosus, received approval from the National Company Law Tribunal to shift its headquarters back to India from Delaware, USA. As part of this process, Meesho will pay approximately $288 million in taxes to the US government. The move aligns with Meesho's plans to go public in India, and marks a significant step as the company demerges from its US entity and merges with an Indian firm.
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Meesho gets shareholder nod to raise Rs 4,250 crore via IPO - The Economic Times
Economic Times
·
18d ago
Medial
Meesho, an e-commerce platform based in Bengaluru, received shareholder approval for its IPO to raise Rs 4,250 crore. It plans to file under Sebi’s confidential route. The proposed offering includes a fresh equity issue and a sale by current shareholders. Recently shifted from the US to India, Meesho is also naming founder Vidit Aatrey as chairman and CEO. Previously valued at $3.9 billion, Meesho aims to be India’s first listed horizontal e-commerce firm.
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Delhivery misses ecommerce estimates, shares plunge 12%
The Arc Web
·
1y ago
Medial
Delhivery, a logistics company in India, expects its ecommerce shipments to grow by 15-20% this year. In FY24, the company recorded revenues of INR 8,142 crore, a 13% increase from the previous year, although losses were reduced. However, Delhivery's shares fell 12% after disappointing Q4 results. The company's ecommerce division, which accounts for 62% of its revenue, experienced margin pressure due to increased competition and a decline in volumes from major client Meesho, which insourced some of its orders. Delhivery may provide additional margin benefits to clients to maintain market share.
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Meesho gets NCLT nod to relocate base to India
Entrackr
·
1m ago
Medial
Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’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, “This 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.” 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. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.
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Flipkart posts ad showing husbands as 'lazy, stupid'; deletes video after criticism
Inshorts
·
9m ago
Medial
Flipkart deleted a video it posted as an advertisement showing husbands as "lazy, stupid and wretched" after it faced criticism online. The animated video showed how Flipkart may "help" a woman hide from her husband hundreds of bags she purchased from Flipkart. "Misandry will not be tolerated," an X user said, while another replied, "Who approved this in first place?"
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ETtech Deals Digest: Startup funding surges 505% YoY to $289 million this week
Economic Times
·
10m ago
Medial
Startups raised a total of $288.7 million in funding from August 17 to August 23, marking a significant increase of 505.3% compared to the same period last year. This week's funding came from 16 rounds, surpassing last year's total of $47.7 million raised through 26 rounds. Notable deals included $900 crore raised by jewellery retailer Bluestone, $47 million raised by AI-based ERP platform Opkey, Rs 208 crore raised by water purifier brand Livpure, Rs 211 crore raised by ice cream brand Hangyo, and $20 million raised by healthcare startup Even.
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