One of India’s most popular online shopping apps, Meesho, is finally going public on the stock market. The company is set to launch its highly anticipated IPO worth ₹5,421.20 crores, marking a new chapter in its journey.
Messho has been able to redefine how millions of Indians shop online by bringing affordability to consumers and by focusing on small sellers. Now, with the IPO around the corner, the big question is: Should you invest in Meesho?
Let’s simplify everything step by step.
About Meesho
Meesho was founded in 2015 by Vidit Aatrey and Sanjeev Kumar Barnwal. The goal was to help small sellers and local entrepreneurs bring their businesses online. The name Meesho comes from “Meri Shop”; it is built for everyday Indians who want to sell online without spending lakhs on creating a website or running ADs.
Here’s what makes Meesho different:
- It focuses on affordable, unbranded products, things middle-class India actually buys daily.
- It reaches Tier 2 and Tier 3 cities, where e-commerce penetration is still growing.
- It helps small sellers and women entrepreneurs start and grow their online businesses easily.
The company earns by monetising the platform through services that are provided to sellers on Meesho, such as order
fulfilment, advertising, and data insights.
Meesho is the largest e-commerce player in India in terms of annual Placed Orders in the last twelve months ended (ended June 30, 2025).
Here are some numbers for the last 12 months for the period ended June 30, 2025.
- Consumers – 213.17 million
- Sellers – 5,75,465
- Logistics Partners – 85,525 Delivery agents / 13,678 Active Logistics Providers
- Content Creators – 39,618
| Particulars | Meaning (Simple Explanation) | Unit | FY2023 | FY2024 | FY2025 | 3 Months Ended June 30, 2025 |
|---|---|---|---|---|---|---|
| Annual Transacting Users | Number of unique customers who placed at least one order on Meesho in the last 12 months. | Million Users | 136.40 | 155.64 | 198.77 | 213.17 |
| Annual Transacting Sellers | Number of unique sellers who successfully received at least one order on Meesho in the last 12 months. | Sellers | 192,333 | 232,413 | 299,883 | 344,910 |
| Placed Orders | Total number of orders placed by customers on the Meesho platform during the period. | Million Orders | 1,024.34 | 1,341.94 | 1,834.40 | 561.86 |
| Growth in Placed Orders | How much total orders increased compared to the previous year. | % Growth | 31.01% | 36.70% | 50.32% | — |
| Order Frequency | Average number of orders each active user places in a year. (Higher number = more repeat buyers.) | Orders per user | 7.51 | 8.62 | 9.23 | 9.49 |
| Gross Merchandise Value (GMV) | Total value of all orders placed on Meesho, including cancelled or returned ones. It represents overall transaction activity. | ₹ Crore | 15,134 | 19,233 | 23,241 | — |
| Net Merchandise Value (NMV) | Value of successfully delivered orders after excluding cancellations, returns, and discounts. Reflects Meesho’s real business volume. | ₹ Crore | 8,679 | 10,247 | 13,420 | 5,031 |
| NMV Growth (YoY) | Percentage increase in NMV from the previous year. Shows how much real delivered sales grew year-on-year. | % Growth | 20.84% | 29.03% | 36.16% | — |
While Amazon and Flipkart target urban, branded shopping, Meesho brings the online bazaar to Bharat.
Meesho IPO Details
| Detail | Information |
|---|---|
| IPO Size | ₹5,421.20 crores |
| Fresh Issue | ₹4,250.00 crores |
| OFS | ₹1,171.20 crores |
| IPO Dates | Dec 03 to Dec 05, 2025 |
| Price Band | ₹105 to ₹111 per share |
| Lot Size | 135 Shares |
| Retail Investors Min Lot & Amount | 1 lot & ₹14,985 |
| Retail Investors Max Lot & Amount | 13 lots & ₹1,94,805 |
| Small HNI Min Lot & Amount | 14 lots & ₹2,09,790 |
| Small HNI Max Lot & Amount | 66 lots & ₹9,89,010 |
| Big HNI Min Lot & Amount | 67 lots & ₹10,03,995 |
| Allotment Date | Dec 8, 2025 |
| Listing Date | Dec 10, 2025 |
| Exchanges | NSE and BSE |
The Offer
The Meesho IPO includes both a fresh issue and an offer for sale (OFS).
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Fresh Issue: ₹4,250 crore
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Offer for Sale (OFS): Up to 17.57 crore shares by existing investors and promoters.
The OFS will allow early backers like Elevation Capital, Peak XV (formerly Sequoia Capital India), Y Combinator, and Naspers Ventures to partially exit. Even Meesho’s founders, Vidit Aatrey and Sanjeev Kumar, will sell a small portion of their holdings.
After the IPO, Meesho’s shares will be listed on both BSE and NSE.
Meesho IPO -Objects of the Offer
| Purpose | Amount (₹ in Crores) | Simple Explanation |
|---|---|---|
| Investment in Cloud Infrastructure | 1,390 | Investment for cloud infrastructure |
| Technology & AI Development | 480 | To pay salaries of engineers and AI experts who work on improving product recommendations, automation, and app features. |
| Marketing & Brand Initiatives | 1,020 | To promote the Meesho brand across India, attract new users, and strengthen its presence in Tier-2 and Tier-3 cities. |
| Acquisitions & Strategic Growth | Not Disclosed | To acquire or partner with other companies (like in logistics or fintech) that can help Meesho grow faster. |
| General Corporate Purposes | Not Disclosed | To meet day-to-day operational needs such as working capital, administration, and future expansion. |
Industry Overview
- India’s retail market is expected to reach ₹123–135 trillion by FY2030, making it one of the largest globally.
- The e-commerce market (including quick commerce) is projected to grow at 20–25% CAGR over the next five years, reaching ₹15–18 trillion by FY2030.
- India’s middle-income households (₹3.3 lakh and ₹11 lakh annually) are expected to grow from 176 million in FY2025 to 212 million by FY2030.
This expanding middle class wants affordable, quality products delivered at the doorstep, and that’s where Meesho fits in. While Amazon and Flipkart dominate branded and electronics products like non-electronic categories like fashion, beauty, and home goods are Meesho’s stronghold, and these are set to grow the fastest.
Financials: How is Meesho Performing?
| Particulars | Q1 FY26 (Jun 2025) | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income (Cr) | ₹2,630 | ₹9,901 | ₹7,859 | ₹5,898 |
| Net Profit / (Loss) Cr | -₹289 | -₹3,942 | -₹328 | -₹1,672 |
Here’s what the numbers tell us.
Revenues are growing fast: From ₹5,898 crore in FY23 to nearly ₹9,901 crore in FY25—a 68% jump in just two years.
Loss-Making: Although still making losses, it seems from the FY26(Quarter 1) numbers that the company is attempting to control losses.
Meeshos’ Positives & Concerns
Positives
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Strong brand in affordable e-commerce
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Growing revenue and shrinking losses
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Focused on India’s mass market where real growth lies
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Experienced management and global investors backing it
Concerns
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Still loss-making
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Intense competition from global and domestic giants
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The business model is heavily dependent on volume and low margins
Conclusion – Meesho IPO
Meesho’s story is a classic example of how a simple idea can grow into something massive when it connects with real people. What started as a platform for small sellers and homemakers has now become India’s most popular shopping destination.
The upcoming IPO is the next big step in Meesho’s journey. Though the company is not yet profitable, it is moving in the right direction. The company’s revenue is increasing, reaching millions of new customers and steadily cutting down its losses.
The IPO offers investors to be part of India’s e-commerce growth story, where the protagonist is an Indian from a small town and a value segment that still has huge untapped potential.
If you are an investor who believes in India’s e-commerce growth story and is willing to stay invested for the long haul, Meesho could turn out to be a rewarding bet.
*Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before investing. Read the company’s RHP for more information
About the Author
Sandip Desai is a stock market professional with over 18 years of experience in the Indian broking and investment space. He holds NISM certifications in Equity Derivatives, Currency Derivatives, Commodity Derivatives, and Mutual Fund Distribution. Sandip is passionate about simplifying financial concepts and helping investors navigate IPOs and capital markets with confidence.
For more information on the upcoming IPO, check the following link.