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Meesho secures $275M in funding, plans to raise additional capital

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In Short:

E-commerce company Meesho has raised $275 million in funding through share sales, adding to its total funding of $1.36 billion since 2015. The company is in talks for a $200 million secondary funding round and plans to reverse-flip its US parent company for an IPO in India. Meesho turned profitable in July 2023 and announced a ₹200 crore ESOP buyback program.Revenue grew to ₹5,735 crore in FY23 from ₹3,232 crore in FY22.

Meesho Secures $275 Million in Funding Round!

Exciting news from the world of e-commerce as Meesho has successfully closed a funding round of $275 million! The funding was achieved through a combination of primary and secondary share sales, marking a significant milestone for the company.

Increasing Valuation and Investor Confidence

Recent reports indicated that Meesho was in talks for a secondary funding of at least $200 million, valuing the company at $3.5-3.9 billion. However, the final round saw an increase in size with a primary component also added, as confirmed by sources familiar with the matter. The company has now raised a total of $1.36 billion since its inception in 2015, with investors like DST Partners, Elevation Capital, Facebook, and Prosus on board.

Strategic Moves and Profitability

Meesho is currently exploring the possibility of reverse-flipping its US parent company, a strategic move linked to its future plans for an IPO in India. While the details are still being worked out, the company remains committed to its growth and expansion.

In a show of financial strength, Meesho recently announced an ESOP buyback programme worth ₹200 crore. This development comes on the heels of the company achieving profitability in July 2023. Despite starting with modest profits, Meesho has maintained its profitability and is now cash flow positive.

Positive Growth Trajectory

Meesho’s performance continues to impress, with revenues from operations surging to ₹5,735 crore in FY23 from ₹3,232 crore in FY22. The company also managed to slash its losses from ₹3,251 crore in FY22 to ₹1,675 crore in FY23, showcasing a strong financial turnaround. While the final results are yet to be filed with the Ministry of Corporate, Meesho’s upward trajectory is evident.

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