Y Combinator to score 109X gain in Meesho IPO

Meesho’s upcoming IPO is turning out to be a windfall event for its earliest backers, with several investors poised to unlock multi-fold returns as the company is set to hit the public market.

Elevation Capital, Meesho’s largest early institutional shareholder, holds 57.9 crore shares, which are valued at Rs 6,161 crore at the upper end of the price band. Its OFS component is worth Rs 271 crore, Elevation clocks a stellar 36.5X return on its Meesho bet, one of the largest venture-scale outcomes for the firm.

Peak XV Partners (formerly Sequoia Capital India) follows with a similarly outsized outcome. Its current value after OFS stood at Rs 5,149 crore at IPO pricing. Peak VC’s OFS portion fetches nearly Rs 193 crore, while the overall mark-to-market gains translate into a 26X return.

Venture Highway, an early seed backer of Meesho, also scores a strong exit. The fund’s equity value post-OFS is at Rs 78.4 crore, and an OFS worth Rs 95.8 crore. Venture Highway is set to walk away with a 2.4X return, despite significant dilution over successive rounds.

Y Combinator Continuity Holdings scored one of the strongest returns of 108.8X, with its equity valued at Rs 496.5 crore and an OFS worth Rs 80 crore. This will be Y Combinator’s second partial exit after scoring a 28X return in Groww.

Interestingly, Softbank, which is one of the major investors of Meesho, holds nearly 9.3% of the company, but has not participated in OFS, which signalled a long-term hold approach rather than seeking a partial IPO exit.

Among founders, Vidit Aatrey and Sanjeev Barnwal hold equity valued at Rs 5,245 crore and Rs 3,504 crore, respectively. The IPO unlocks substantial liquidity through their OFS components, amounting to Rs 177.6 crore each.

The Bengaluru-based company will open its IPO for subscription on December 3 and close it on December 5, with anchor investors participating a day earlier. Meesho has fixed its price band at Rs 105–Rs 111 per share, giving the offer an overall size of about Rs 5,421 crore at the upper end.

On the Financial front, the company posted a revenue of Rs 9,390 crore while its losses before exceptional items and tax stood at Rs 108 crore during the last fiscal year. In the first half of the ongoing fiscal year (H1 FY26), it reported a revenue of Rs 5,577 crore.