Meesho reportedly files updated $800m IPO draft

Meesho, a Bengaluru-based ecommerce firm, has filed an updated draft red herring prospectus with the Securities and Exchange Board of India, sources said.

The company plans to raise between US$700 million and US$800 million in its IPO, including US$500 million in new funding and an offer-for-sale from existing shareholders.

It is working with Kotak Mahindra Capital, Morgan Stanley, Citi, and Axis Capital on the listing, which could take place by December or January.

In FY25, Meesho reported operating revenue of about 9,000 crore rupee (US$1 billion), up from 7,615 crore rupee (US$865.2 million) in FY24, but posted a net loss of 108 crore rupee (US$12.3 million), excluding one-time tax and redomiciling costs.

Its net merchandise value rose 29% year-on-year to 29,988 crore rupee (US$3.4 billion) in FY25, with Q1 FY26 NMV reaching 8,679 crore rupee (US$986 million), up 36%.

🔗 Source: Entrackr

🧠 Food for thought

Implications, context, and why it matters.

Meesho IPO filing signals growth with ongoing losses

Operating revenue rose 18% to Rs 9,000 crore in FY25, yet net loss was Rs 108 crore (excluding one-time costs), so profits remain out of reach.
FY25 NMV reached Rs 29,988 crore, implying a roughly 30% take rate, driven by ads, commissions, and logistics fees.
Q1 FY26 NMV grew 36% to Rs 8,679 crore, while net loss widened to Rs 289 crore.
The updated draft red herring prospectus (DRHP) adds a $200–300 million offer for sale, within a $700–800 million IPO plan that includes a $500 million fresh issue.

Agencies and adtech firms can tap Meesho seller ad demand as the IPO nears

A roughly 30% take rate signals strong ad income, which fuels demand for Meesho Ads tuning from agencies and adtech platforms.
With 190 million registered users and 1.3 billion orders, the ad network gives analytics firms a large market to build attribution and performance tools for social commerce (shopping driven by social channels and mobile apps) 1.
A planned December to January listing will push sellers to seek creative help and bid optimization, which opens room for Meesho specific packages from marketing agencies.
Quick growth and rising rivalry create space for Software-as-a-Service (SaaS) tools that simplify campaign setup, targeting, and ROI tracking for merchants without dedicated marketing teams.