Meesho IPO: SoftBank-backed firm gets shareholders' nod to raise ₹4,250 crore via public issue; key details

The resolution for the initial public offering (IPO) was passed in the extraordinary general meeting (EGM) on June 25, the filing by the e-commerce company said.

According to the filing dated June 27, the shareholders approved raising up to ₹4,250 crore through the issuance of fresh equities.

The development comes after Meesho completed its domicile shift to India from the US.

The shareholders also approved a change in designation of Meesho Co-Founder and CEO Vidit Aatrey as chairman and managing director of the company.

According to news reports, on June 23, Meesho shifted its domicile to India as part of its plan for public listing in the country.

Meesho has merged its Delaware-based entity, Meesho Inc., with its Indian arm, which has been approved by the National Company Law Tribunal, Bengaluru bench, a regulatory filing showed.

The company filing showed that the transaction pertaining to Meesho Limited is related to a "merger involving a foreign company".

The order for the merger of Meesho Inc. with Indian entity Fashnear was passed by the tribunal on May 27.

Meesho changed the name of Fashnear Technologies Private Limited to Meesho Private Limited as per a certificate of incorporation issued by the Ministry of Corporate Affairs on May 13.

"The name change, effective from May 13, 2025, aligns with Meesho's strategic focus on strengthening its brand identity as a leading e-commerce platform in India. The name change reflects Meesho's evolution to a comprehensive online marketplace. The company will now start working on the process for IPO," PTI reported, citing a source.

Companies shifting their domicile to India are required to pay huge taxes to governments.

Meesho Financials

The IPO-bound company narrowed its losses (excluding ESOP costs) to ₹53 crore in the financial year 2023-24. In the previous fiscal year, the net loss stood at ₹1,569 crore.

Revenue from operations advanced 33% to ₹7,615 crore in FY24, compared to ₹5,735 crore logged in FY23, due to an increase in unique annual transacting users and higher order frequency from existing customers.

In its annual report, Meesho claimed to be the first horizontal Indian e-commerce firm to achieve profitability in fiscal 2024 and the first one to generate positive free cash flow of ₹197 crore for the full year.