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Meesho files confidential IPO
MUMBAI: Meesho, one of India’s fastest-growing e-commerce platforms, has filed a confidential draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI)—marking its first major step toward a public listing. The move allows the company to fine-tune its offer documents privately with regulators before going public, a route increasingly popular among Indian tech firms preparing to list.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho built its model around affordability, simplicity, and deep regional access—serving value-conscious shoppers in tier-2 and tier-3 cities. The platform, which offers zero-commission selling for merchants and operates in multiple regional languages, has attracted over 150 million annual transacting users. Its focus on low-ticket, everyday essentials has helped it compete with giants like Amazon and Flipkart, particularly in unbranded fashion and general merchandise.
Meesho has shown significant financial momentum ahead of the IPO. In FY24, it recorded revenues of Rs7,615 crore, a 33 per cent jump year-on-year. More notably, it reduced its net loss to Rs305 crore—down sharply from Rs1,675 crore in FY23—thanks to logistics optimisation and better ad-spend efficiency. In a key pre-IPO restructuring, the company also completed a reverse-flip, moving its parent entity from the US to India to simplify governance and improve eligibility for local listing.
The public offering is expected between September and October 2025, with lead managers including Citi, Kotak Mahindra Capital, Morgan Stanley, JP Morgan, and Axis Capital. Market participants suggest Meesho could seek a valuation between $6.5–7.5 billion, positioning it among the most anticipated Indian tech IPOs of the year.
Meesho’s filing comes amid a broader wave of confidential listings in India. So far in 2025, Indian firms have raised nearly $6 billion through IPOs, with more than 140 companies in the regulatory pipeline. Investor appetite for digital-first, scalable platforms remains strong—particularly those showing a clear path to profitability.
Key drivers for Meesho include its continued expansion into smaller towns, enabled by UPI penetration, affordable mobile data, and a rising appetite for value-led online shopping. The company’s private-label brands in fashion, home, and beauty now account for nearly 20 per cent of sales, and its Meesho Express logistics arm is targeting 24-hour delivery in the top 200 districts to boost stickiness and margins.
Despite these headwinds, the company’s ability to cut losses while scaling revenues has buoyed investor confidence. The confidential filing gives Meesho up to 18 months to finalise its listing—offering time to strengthen financials further, and potentially turn a profit before debuting.
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Ujjwal Jain steps down from PhonePe’s Share.Market to start new chapter
Founder behind WealthDesk and OpenQ exits after decade-long fintech journey
BENGALURU: Ujjwal Jain, the entrepreneur behind platforms such as WealthDesk and OpenQ, has stepped down from his role as chief executive of Share.Market, the investing platform backed by PhonePe, marking the end of a decade-long journey in India’s capital markets space.
In a reflective note, Jain described his journey from launching WealthDesk in 2016 to building a broader ecosystem that eventually became part of PhonePe. Over the years, his ventures focused on bringing data-driven investing tools and model portfolios closer to retail investors, a space that has seen rapid evolution alongside the rise of discount broking.
WealthDesk introduced curated “WealthBaskets” to simplify portfolio investing, while OpenQ expanded access to quantitative research and analytics. Both platforms were later acquired by PhonePe, forming the backbone of Share.Market, which Jain helped scale as a mass-market investing product.
Calling the experience “brutal” yet deeply fulfilling, Jain credited colleagues, investors and industry partners for shaping the journey, highlighting the role of the PhonePe team in building Share.Market into a large-scale platform.
His exit comes at a time when artificial intelligence is beginning to reshape financial services globally. Jain indicated that his next move will focus on this shift, hinting at a renewed push into the intersection of AI and capital markets.
Prior to his entrepreneurial stint, Jain worked with MSCI Inc. on index products and technology, and with D. E. Shaw India Financial Services in algorithmic trading and high-frequency systems.
While he has not disclosed specifics of his next venture, Jain framed the move not as a departure but a reset, signalling that his next chapter will aim to tackle even larger challenges in India’s evolving investment landscape.
With one chapter closed and another underway, the focus now shifts to what Jain builds next in an increasingly AI-first financial world.
