E-commerce platform Meesho has raised $275 million from several existing investors, including Software Bank, Prosus, Peak XV Partners, and Elevation Capital. The funding was a mixture of primary as well as secondary share sales, as per a report by the Economic Times.
Additionally, Meesho's US parent company disclosed a share transfer in a regulatory filing with the US Securities and Exchange Commission (SEC), but it provided no further information. At Meesho, the cash infusion is part of a bigger ongoing round. The Bengaluru-based company is aiming to close a funding round of around $600 million, as per the report. Speaking to the Economic Times, a source said, “The details are still being worked out for the broader round on valuation. It would be up to $3.9 billion but will be finalized once the round closes.” 2021 was the last time Meesho raised $570 million in a funding round that was led by Fidelity and B Capital.
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While the exact details of the funding round are not known, in an earlier report filed by the Economic Times, it was said that Meesho is reportedly in talks for at least $200 million in secondary fundraising, valued at $3.5–3.9 billion, with participation from new investor Tiger Global and current backer Peak XV Partners, formerly Sequoia Capital India.
As of now, the e-commerce platform has raised $1.36 billion in total since 2015. Founded by Vidit Aatrey and Sanjeev Barnwal in 2015, the Bengaluru-based company is an online shopping platform that “crossed 500 million cumulative downloads across Google Play and the iOS App Store combined," as per the company.
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Meanwhile, Meesho is in talks to shift its domicile to India. As per a report by the Economic Times, Meesho is looking into obtaining new funds to cover the increased taxes due upon returning to India. Several Indian-origin companies are trying to shift their domicile to India, with Groww being the latest to shift from Singapore to India.
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