Meesho Completes Reverse Flip to India, IPO Filing Expected Soon
Meesho, the ecommerce major, has completed its much-anticipated reverse flip to India, merging its US-based entity Meesho Inc with its Indian entity Meesho Ltd, paving the way for its upcoming IPO.
Key Highlights of Meesho’s Reverse Flip
- Meesho’s board passed a resolution to merge the US and Indian entities, following NCLT approval granted in May 2025.
- As per regulatory filings, 406.99 Cr shares were transferred to Meesho Inc shareholders, with a conversion ratio of 60 Indian equity shares to 1 US common stock.
- 48 additional shares were allotted to Meesho founder Vidit Aatrey, the nominee of Meesho Inc.
- The company is expected to pay approximately $300 Mn in taxes as part of the headquarters relocation.
IPO on the Horizon
With its domicile shift complete, Meesho is preparing to file its Draft Red Herring Prospectus (DRHP) via the confidential route in the coming weeks.
- Meesho plans to raise between $700 Mn to $800 Mn through its IPO.
- Investment bankers for the offering include Citigroup, Kotak Mahindra Capital, and Morgan Stanley.
- The company has also converted into a public limited company, renaming itself from Fashnear Technologies Private Limited to Meesho Limited to align its legal and brand identity.
Why the Shift Back to India?
Meesho stated that bringing its headquarters back to India reflects its core business operations:
- Majority of customers, sellers, and logistics partners are based in India.
- The move simplifies the company’s structure and better aligns with its operational footprint.
Recent Developments
- In January 2025, Meesho raised $250 Mn to $270 Mn, with participation from investors like Tiger Global, Think Investments, and Mars Growth Capital.
- The company’s IPO ambitions come amid a broader wave of Indian startups preparing to go public as domestic markets mature.
With all regulatory and structural hurdles cleared, Meesho is now set to become one of India’s next major tech IPOs.
