Decoding Meesho shareholding and board structure after India flip

E-commerce platform Meesho is preparing to go public after completing its reverse flip from the United States to India, a transition that reportedly cost the company $288 million. The estimated $1 billion Initial Public Offering (IPO) is expected to be a major milestone for its investors, founders, and other stakeholders. All eyes are now on who will emerge as the key beneficiaries once the company lists on the public markets.

While Meesho has kept its shareholding structure under wraps, Entrackr has, for the first time, uncovered complete ownership details through a review of regulatory filings in India. According to the documents, Elevation Capital holds the largest stake at 14.49%, followed by Peak XV Partners at 13.64%, and Prosus at 13.14%. SoftBank owns 9.91%, while co-founders Vidit Aatrey and Sanjeev Kumar hold 9.33% and 7.10%, respectively.

Other significant stakeholders include Fidelity Investments with 6.38%, WestBridge Capital with 4.17%, Y Combinator at 2.64%, Astrend India Investment Limited at 2.43%, and Venture Highway at 1.95%. The remaining 14.81% is held by several individuals and other investors.

Based on the last valuation of $3.9 billion, the co-founders hold a stake worth $640 million in the company, excluding their ESOPs. Similarly, Elevation Capital holds a stake valued at $565 million in Meesho, followed by Peak XV, which controls shares worth $532 million. Prosus and SoftBank control stakes worth $512 million and $386 million, respectively.

According to Entrackr’s sources, for the composition of its Board for the Indian entity, co-founder and CEO Aatrey will serve as the Chairperson, in addition to his role as Managing Director. Co-founder Kumar will continue as whole-time Director and Chief Technology Officer.

The board also includes industry veterans Rohit Bhagat, Surojit Chatterjee, Hari Shanker Bhartia, and Kimsuka Narasimhan, who have been appointed as Independent Directors. This will bring significant experience in finance, corporate governance, and strategic leadership.

Among the non-executive, non-independent directors are Mohit Bhatnagar (Peak XV) and Mukul Arora (Elevation Capital). According to a Moneycontrol report, Sarthak Misra from SoftBank and Ashutosh Sharma from Prosus will relinquish their board seats.

Media reports indicate that Meesho is likely to file its DRHP within the next two to three weeks. It will be the first venture-funded horizontal e-commerce platform to be listed on the stock exchange. Its major competitor, Flipkart, is also in the process of completing its reverse flip in preparation for its potential public listing.