"Founded in 2015, Meesho started off as WhatsApp-based social-commerce platform for first-time online shoppers. It has managed to compete successfully with incumbents like Flipkart and Amazon by leaning into a low-cost marketplace model aimed at connecting small merchants with price-sensitive consumers across smaller towns in the country. In the past 12 months, it reported 234.2 million transacting users, 706,471 annual sellers, and over 50,000 active content creators."
"Meesho, an Indian e-commerce marketplace, had a good first day as a public company, with its shares climbing as much as 46% from its issue price as investors jumped to grab a piece of the company built around small merchants and value-conscious consumers. The stock opened at ₹162.50, up from the issue price of ₹111, and reached a high of ₹171.84, giving Meesho a market capitalization of ₹780 billion (around $8.69 billion)."
Meesho's shares rose as much as 46% on its market debut, opening at ₹162.50 and reaching ₹171.84, giving a market capitalization near ₹780 billion. The company raised $606 million in the IPO. Meesho was last valued at about $5 billion following a private funding round in 2021. Early shareholders including Elevation Capital, Peak XV Partners and Y Combinator sold stakes, while investors such as SoftBank, Prosus and Fidelity did not. Meesho began in 2015 as a WhatsApp-based social-commerce platform and operates a low-cost marketplace connecting small merchants with price-sensitive consumers. In the past 12 months it reported strong user and seller metrics, while six-month revenue rose to ₹55.78 billion and losses widened to ₹4.33 billion.
Read at TechCrunch
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