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Meesho IPO
Meesho Ltd
₹14,175 /135 sharesMinimum Investment
Meesho IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹111.00 | ₹162.50 | ₹51.50 (46.40%) |
Meesho IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 3 Dec ‘25 - 5 Dec ‘25 | ₹14,175 | 135 | ₹105 - ₹111 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 5,421.20 Cr | RHP PDF | 08 Dec ‘25 | 10 Dec ‘25 |
| Face value |
|---|
| 1 |
Subscription rate
As of 05 Dec'25, 04:31 PM
| Qualified Institutional Buyers | 120.18x |
| Non-Institutional Investor | 38.07x |
| Retail Individual Investor | 18.41x |
| Total | 78.88x |
About Meesho
Founded in
2015
MD/CEO
Mr Vidit Aatrey
Parent organisation
Meesho Ltd
Meesho Ltd IPO
https://www.youtube.com/watch?v=B4o9AgdkKnk
Strengths & Risks of Meesho
Strengths
Risks
Meesho states that its platform is built on technology that supports scalability, cost efficiency, and improved performance. The company claims to follow a technology-led approach to problem-solving, rather than relying on manual processes. It has integrated Generative Artificial Intelligence (GenAI) tools into its engineering systems, helping developers create software more efficiently, accelerate development, and reduce deployment time. The company states that GenAI features are also embedded across different business functions to enhance productivity and operational scale.
Meesho claims that its mobile app is designed to be simple, intuitive, and tailored for Indian users. The app supports 10 languages, including English, Hindi, Tamil, Bengali, and Gujarati, among others. The company states that it aims to make product discovery easier. The app offers a multi-modal search feature, allowing users to search using text, images, or voice inputs, helping capture user intent more accurately.
The company claims to have developed an AI model called GeoIndia Large Language Model (LLM), designed to interpret unstructured Indian addresses and convert them into accurate geographic coordinates. Meesho also claims that it has created AI-powered advertising tools that simplify ad campaign management for sellers. These tools automatically display relevant products to the right audience, enabling sellers to advertise effectively without needing advanced skills or large budgets.
Meesho states that it uses data from every interaction on its platform to strengthen its AI and ML models. It claims to have built an ML platform named BharatMLStack to improve scalability, efficiency, and speed. It states that this platform supports a range of applications such as real-time personalisation, geo-encoding, dynamic pricing, and automation. In the period ended September 30, 2025, BharatMLStack processed around 2.85 petabytes of data daily, enabled 217.17 trillion feature retrievals, and made 6.40 trillion real-time predictions at its peak.
The company claims that it operates as a value-focused platform offering “Everyday Low Prices” to consumers, allowing them to access affordable products without depending on temporary discounts or flash sales. Its zero-commission model for sellers and cost-efficient fulfilment process help reduce sellers’ expenses. It further states that this structure allows sellers to offer a broad range of products at competitive prices, attracting both buyers and sellers to the platform.
Meesho claims to follow an asset-light operating structure, meaning it does not manufacture or sell private-label products, hold inventory, or own logistics assets. The company says that this approach makes the business more capital-efficient compared to traditional retail or e-commerce models that depend on warehouses, owned stock, or in-house logistics.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 5,734.52 crore in FY23 to Rs 7,615.15 crore in FY24 and Rs 9,389.90 crore in FY25.
The company has incurred losses since its inception in 2015. It recorded losses of Rs 700.72 crore for the period ended September 30, 2025, Rs 3,941.70 crore in FY25, Rs 327.64 crore in FY24, and Rs 1,671.90 crore in FY23. These were driven by substantial investments in technology infrastructure, marketing initiatives, manpower expansion, and one-time exceptional costs related to corporate reorganisation and promoter ESOP exercises.
The company reported negative cash flows from operating activities amounting to Rs 850.64 crore in the period ended September 30, 2025, and Rs 2,308.19 crore in FY23. This was primarily due to one-time cash outflows linked to reorganisation activities, including income tax payments related to promoter ESOP exercises and vendor-related settlements. While some years reflected positive operating cash flows, the presence of recurring losses and periods of cash outflow indicates continued pressure on liquidity. If the company is unable to generate sufficient revenue or manage expenses effectively, it may continue to face losses and negative cash flows. This could require it to raise additional finances, which would weigh on its overall financial condition and business operations.
Although Meesho’s customer base has been growing, there is no certainty that this trend will continue. Customers may switch to other platforms that offer similar products at better prices. A decline in customer numbers could also lead to fewer sellers on the platform, which would reduce the range of available products and make the platform less attractive. Lower customer engagement or retention may require the company to invest more in marketing and promotions, which could negatively impact its revenue, cash flow, and overall profitability.
The number of sellers may decline if Meesho fails to implement its seller strategies effectively, cannot maintain a low-cost platform, or faces technical problems that affect sellers’ interactions with buyers. Any sudden changes in sellers’ financial health or business priorities could also lead to attrition, which could hurt Meesho’s operations, liquidity, and future performance.
Meesho relies on third-party logistics partners to deliver products to customers – either through its own logistics platform, Valmo, or through other end-to-end delivery partners. As of September 30, 2025, the company worked with five such partners. Any service disruptions, failures, or performance issues from these partners could adversely affect Meesho’s business and finances.
Any breakdown or disruption in Meesho’s technology systems could affect the platform’s performance, leading to service interruptions. If the company fails to upgrade its technology or introduce new digital tools in line with market developments, it may lose its competitive edge. Such shortcomings could harm its operations, profitability, and financial health.
A major share of Meesho’s orders are made through Cash on Delivery (CoD). During the period ended September 30, 2025, CoD accounted for 72.00 percent of total shipped orders, 76.95 percent in FY25, 85.39 percent in FY24, and 88.71 percent in FY23. High reliance on CoD can lead to lower delivery success rates, increased operational inefficiencies, and higher risks associated with handling cash.
The company’s primary brands (Meesho and Valmo) are central to its business model, and their reputation significantly influences customer trust and engagement. The perception of these brands can be affected by factors outside the company’s control, including consumer complaints, allegations regarding product quality, or dissatisfaction with third-party services associated with the platform. Instances such as impersonation attempts, fake websites, misleading promotional messages, and fraudulent recruitment communications demonstrate the brand’s exposure to misuse by unrelated parties. Even isolated incidents, if amplified on social media or through public forums, may erode consumer confidence, requiring increased spending on brand protection and communication efforts. Any inability to maintain brand credibility or effectively respond to adverse publicity could negatively impact customer acquisition, operational performance, cash flows, and overall business prospects.
As of September 30, 2025, the company reported contingent liabilities of Rs 593.56 crore. If any of these contingent liabilities materialise, it could harm the company’s financial performance.
Meesho has undertaken several corporate reorganisations. For instance, in May 2025, the National Company Law Tribunal, Bengaluru Bench, approved the demerger of its E-commerce and Grocery units into separate entities, as well as the amalgamation of Meesho Inc. with the parent company. While such restructuring is aimed at improving efficiency, it involves one-time costs, compliance requirements, and potential tax liabilities. The company states that such reorganisations may happen in the future, which could negatively affect the company’s finances.
A large portion of Meesho’s sellers are concentrated in specific regions. Gujarat accounted for 15.70 percent of annual transacting sellers in the period ended September 30, 2025; 16.95 percent in FY25; 18.72 percent in FY24; and 20.17 percent in FY23. Uttar Pradesh accounted for 15.87 percent of annual transacting sellers in the period ended September 30, 2025; 15.65 percent in FY25; 14.37 percent in FY24; and 12.73 percent in FY23. Delhi accounted for 13.78 percent of annual transacting sellers in the period ended September 30, 2025, 15.33 percent in FY25, 17.09 percent in FY24, and 16.20 percent in FY23. Any adverse developments in these regions could hurt the company’s operations and financial condition.
The company, its directors, key managerial personnel, and promoters are involved in various ongoing legal cases, including criminal and tax-related proceedings. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
The company began its content-commerce business in FY24 and therefore has a limited operating history in this segment. Its ability to scale this initiative depends on attracting and retaining content creators and maintaining relationships with third-party affiliate partners, although it has already witnessed contract termination and subsequent arbitration with one such partner. The company is also exposed to risks related to intellectual property (IP) violations, misuse of its brand by creators, and disruptions on third-party social media platforms where content is hosted. Inability to sustain creator participation, ensure compliance, or manage platform-related risks could adversely affect business performance, reputation, and future growth prospects.
Meesho’s business is affected by seasonal trends, festivals, and regional holidays in India, which can cause fluctuations in order volumes. Demand is particularly high during festivals like Diwali. Inability to address this demand fluctuation could hurt its business and finances.
Meesho Financials
*All values are in Rs. Cr
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Application Details of Meesho IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹105 - 111 | Upto ₹2 Lakh | 135 |
| High Networth Individual | ₹105 - 111 | ₹2 - 5 Lakh | 135 |
For Meesho IPO, eligible investors can apply as Regular.