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Facebook-backed Indian startup Meesho targets early 2023 for IPO

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Facebook-backed Indian startup Meesho targets early 2023 for IPO - source



© Reuters.

Shivani Singh

BENGALURU (Reuters) – Indian startup Meesho, which counts Facebook owner Meta Platforms and SoftBank Group Corp’s Vision Fund 2 as its investors, plans to go public in early 2023, a person familiar with the matter told Reuters.

The Bengaluru-based social commerce platform is working to prepare to go public by the end of 2022 and is evaluating exchanges in India and the United States, according to an internal document seen by Reuters.

In September, Meesho raised $570 million at a $4.9 billion valuation in a Series F round led by Fidelity Management & Research Company and B Capital Group.

Distributors on the company’s platform offer a wide range of off-brand products ranging from clothing to cosmetics to home appliances, mostly in small towns and cities in the country.

Users can resell products from the vendor marketplace to customers for profit through Meta-owned platforms WhatsApp, Facebook (NASDAQ: ) and Instagram.

“Meesho will file by January next year and hopes to complete the IPO in the first half of 2023,” said the source, who asked not to be named because he was not authorized to speak to the media.

The company did not respond to multiple requests for comment from Reuters.

Former JPMorgan Chase & Co (NYSE: ) investment banker Dhiresh Bansal was hired as chief financial officer in November to sort out the startup’s books and fill any financial gaps, the sources added.

Meesho has 17.8 million monthly transacting users on its platform as of September https://medium.com/meesho-tech/a-570m-fundraise-to-fuel-bharats-e-commerce-dreams-1bfc754ce7fe, up from 550 Thousands surge.

Indian tech startups to list on domestic exchanges in 2021 have received mixed responses. While food delivery company Zomato and cosmetics-to-fashion retailer Nykaa’s listings were selling well, digital payments app Paytm collapsed on its debut.

Meesho, founded in 2015 by IIT graduates Vidit Aatrey and Sanjeev Barnwal, also provides logistics and payment tools for sellers.

Facebook’s June 2019 investment in Meesho was the Silicon Valley giant’s first equity investment in an Indian startup https://meesho.io.

Investors in the startup also include Prosus (OTC:) Ventures and Sequoia Capital.

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