Homegrown e-commerce giant Meesho is gearing up for an initial public offering (IPO) later this year, aiming to raise around $1 billion at a $10 billion valuation, according to a report by Moneycontrol. The SoftBank-backed company is expected to file its draft red herring prospectus (DRHP) soon, with a planned listing around Diwali (September–October 2024).

Investment banking giant JP Morgan is reportedly in talks to join the IPO syndicate. If successful, Meesho’s public debut would mark one of India’s biggest tech IPOs in recent years.

Meesho’s Growth Trajectory

Ranked as India’s third-largest horizontal e-commerce platform after Flipkart and Amazon, Meesho boasts 14.5 crore unique annual transacting users. The platform has witnessed a 3X surge in order volumes between January and December 2024, driven largely by its content commerce strategy. Additionally, it has strengthened its presence by collaborating with over 21,000 creators to enhance user engagement and boost sales.

Valuation Trends and Market Position

Earlier this year, Meesho reportedly closed a secondary share sale at a valuation of $3.9–4 billion, reflecting a 20% dip from its previous $4.9 billion valuation. Despite this correction, the company remains optimistic about its IPO, banking on its expanding user base and innovative commerce strategies.

With the Indian e-commerce market poised for further growth, Meesho’s IPO could be a crucial milestone in its journey toward scaling operations and solidifying its market position.