TechCrunch reported on Nov. 28 that India’s ecommerce platform Meesho is preparing a 660 million dollar IPO and that SoftBank and Prosus will keep their stakes.
Meesho is a major Indian ecommerce company competing with Amazon and Walmart subsidiary Flipkart.
Founders Vidit Aatrey and Sanjeev Kumar plan to sell part of their holdings. Early investors Elevation Capital, Peak XV Partners and Y Combinator will also sell part of their stakes. SoftBank, Prosus and Fidelity will retain their stakes as they bet on long-term growth. Meesho began in 2015 as a social commerce platform and expanded into a low-cost marketplace.
A strategy targeting price-sensitive Indian consumers and small sellers has driven rapid growth against Amazon and Flipkart. Last year, Meesho had 234.2 million active buyers and 706,471 sellers.
Chikyuu Hwang
delight@d-today.co.kr