E-commerce unicorn Meesho converts into public entity as it prepares for IPO

Meesho, the Bengaluru-based e-commerce platform, has taken formal steps toward a potential public listing by converting into a public limited company.

The company's board has passed a resolution to change its name from “Meesho Private Limited” to “Meesho Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC). In late April 2025, Meesho renamed its legal entity from “Fashnear Technologies Private Limited” to “Meesho Private Limited.”

The corporate restructuring comes amid a broader recalibration within India’s startup ecosystem, where several VC-backed startups are exploring domestic listings following years of chasing growth in private markets. 

While Meesho has not yet formally initiated the IPO process, its filings indicate that the company is preparing for that outcome. “The company is currently exploring various strategic alternatives for its long-term growth and value enhancement, which may include, at an appropriate time, an initial public offering of its equity shares and listing on a recognised stock exchange in India,” it noted in its RoC filing. The company added that the restructuring is intended to maintain “readiness from a regulatory and compliance perspective.”

The transition comes as Meesho posts continued growth in a market increasingly dominated by large horizontal marketplaces such as Amazon and Flipkart. According to a March report from brokerage CLSA, Meesho captured a 37% share of total e-commerce orders in calendar year 2024, even though it accounted for only 8.5% of gross merchandise value (GMV).

CLSA estimated Meesho’s GMV run rate at $6.2 billion and projected the company could sustain a compound annual growth rate of 26% over the next six years. The platform recorded 1.3 billion orders in the April–December 2024 period alone, matching its order volume for all of FY24. As of the end of December, Meesho had 187 million unique annual transacting users—a 26% increase year-over-year.

The company’s board has also cleared a plan to allot bonus shares worth Rs 411 crore to existing shareholders, which include some of the most prominent investors in Indian tech—SoftBank, Prosus Ventures, and Tiger Global. Meesho has appointed Kotak Mahindra Capital, Citi, JP Morgan, and Morgan Stanley as merchant bankers for its planned IPO, which is reportedly targeting a $10 billion valuation.

Financially, Meesho reported a 33% year-on-year increase in revenue to Rs 7,615 crore for FY24. It also brought down its adjusted losses to Rs 53 crore for the year, a 97% reduction, signalling greater operational discipline in an environment where investors have begun to favour profitability over aggressive growth.

Founded in 2015, Meesho initially gained traction as a reseller-led platform enabling small merchants—especially women entrepreneurs—to sell products via WhatsApp and Facebook. Over time, the company transitioned into a full-stack horizontal marketplace with a focus on Tier 2 and Tier 3 India. It now directly serves consumers via its app, bypassing resellers and optimizing logistics to enable lower prices.