Exclusive: Meesho files updated DRHP; aims to raise $700–800 Mn in IPO

E-commerce platform Meesho has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), according to two sources aware of the matter.

“Meesho now plans to raise $700–800 million through the IPO, comprising a $500 million fresh issue and an offer-for-sale component of $200–300 million,” said one of the sources requesting anonymity.

This follows Meesho’s earlier confidential DRHP filed in July, which had pegged the primary issue at $500 million. The updated filing indicates a clearer equity structure and inclusion of existing shareholders looking to partially offload their stakes through the OFS route.

Investment banks, including Kotak Mahindra Capital, Morgan Stanley, Citi, and Axis Capital are advising Meesho on the IPO, as per sources. The Bengaluru-based firm is likely to get listed by December-January

On the financial front, Meesho continued its growth momentum in FY25 with operating revenue rising to around Rs 9,000 crore from Rs 7,615 crore in FY24. Despite improved operating efficiency, the company reported a net loss of Rs 108 crore for the fiscal year, excluding one-time tax and redomiciling costs incurred during its shift from the US back to India.

Building on this scale, Meesho’s Net Merchandise Value (NMV) grew around 29% year-on-year to Rs 29,988 crore in FY25. “In Q1 FY26, NMV growth further accelerated to 36% to Rs 8,679 crore,” said the person quoted in the beginning of the story.

NMV refers to the cumulative checkout value of successfully delivered orders inclusive of taxes. It is a core measure of platform health as it reflects the strength of customer adoption and repeat usage. 

As per sources, Meesho’s loss before exceptional items was Rs 148 crore in Q1 FY26, and net loss was Rs 289 crore in the same period.

Queries sent to Meesho on Saturday evening did not receive a response. The story will be updated if the company replies.