Meesho Files Confidential Papers for ₹4,250 Crore IPO as It Eyes Market Debut

Meesho, a Bengaluru-based e-commerce platform backed by major investors like SoftBank, has quietly taken a significant step towards going public. The company recently filed a confidential draft red herring prospectus (DRHP) with India’s Securities and Exchange Board (SEBI) to launch an IPO aimed at raising approximately ₹4,250 crore (around $500 million). By opting for the confidential filing route, Meesho joins a rising trend among Indian startups that want to prepare for listing while keeping sensitive financial details private until the final stage.

The move comes soon after Meesho secured shareholder approval for the IPO plan during an extraordinary general meeting held on June 25. As part of its preparations, Meesho also restructured its corporate framework: it shifted its legal domicile from Delaware in the United States to India, following a merger sanctioned by the National Company Law Tribunal (NCLT). The company officially changed its name from Fashnear Technologies Pvt. Ltd. to Meesho Pvt. Ltd.

These steps align with Meesho’s broader strategy to strengthen its standing in India’s fast-growing e-commerce sector. The company has seen significant financial improvement: in FY24, its revenue rose by 33% to ₹7,615 crore, and net losses narrowed sharply to just ₹53 crore, excluding employee stock option expenses. Meesho’s gross merchandise value (GMV) for the same period reached roughly $6.2 billion, placing it among the largest online retail marketplaces in the country.

In addition to financial restructuring, Meesho has reshaped its leadership. Co-founder Vidit Aatrey has stepped up as Managing Director and Chairman, while representatives from top backers like SoftBank and Prosus have exited the board. The company is reportedly targeting a market debut around September or October 2025, although the exact timing remains flexible under the confidential filing approach.

Meesho’s strategy reflects a growing maturity within India’s startup ecosystem, where several tech-driven firms, including Pine Labs, Groww, and Shiprocket, have chosen the confidential draft route to prepare for public listings. This method allows startups to fine-tune IPO plans, adjust market timing, and delay full financial disclosure until they’re ready.If successful, Meesho’s IPO would make it the first major horizontal marketplace from India to go public, potentially inspiring other mid-sized e-commerce platforms to follow suit.