Ecommerce marketplace Meesho has concluded its reverse flip process and moved its domicile to India, said people in the know. Documents filed with the Registrar of Companies and seen by ET confirm the development.
"Meesho's board met late on Sunday...and has approved the merger and share allotment to investors of the US entity. It is now a fully Indian company," one of the persons said, adding that the company is expected to file the draft prospectus for its upcoming initial public offering in the coming two to three weeks.
The SoftBank-backed company had on May 27 received approval from the National Company Law Tribunal (NCLT) to go ahead with the reverse flip. The company is expected to pay $280–300 million tax in the US for its flipback.
A Meesho spokesperson did not respond to queries sent by ET.
With this, Meesho joins Groww, Razorpay, Dream Sports, Zepto and PhonePe, which have already shifted their domiciles to India.
Also Read: Reverse flipping by Indian startups gathers steam: Here’s all you need to know
Meesho, on the lines of other Y Combinator-backed startups such as Groww and Razorpay, was originally incorporated in the US to facilitate easier access to global capital. However, with plans to go public on Indian stock exchanges, these companies have been relocating their registered offices to India.
Meesho had applied to the NCLT for approval of its reverse merger in January. Meanwhile, it closed a $550 million funding round that saw new investors such as Tiger Global, Mars Growth Capital and Think Investments join its cap table. This transaction, which was largely a secondary deal, valued the company at around $3.9-4 billion, at a slight discount from its peak valuation of $5 billion.
Meesho has appointed Kotak Mahindra Capital, Citi, JP Morgan, and Morgan Stanley as merchant bankers for its public issue.
The company’s ecommerce rival, Walmart-owned Flipkart, is also working on redomiciling from Singapore to India ahead of a planned IPO in 2026.
In March, Meesho released its annual report, saying it recorded 34% year-on-year growth in orders during the April-December 2024 period, at 1.3 billion. This equalled the number of orders it clocked over the whole of fiscal year 2024.
As of December 31, the company had 187 million unique annual transacting users — a 26% increase from the same period in the previous year.
A March report by brokerage CLSA noted that Meesho is currently at a gross merchandise value (GMV) run rate of $6.2 billion, and is estimated to grow at a compound annual growth rate (CAGR) of 26% over the next six years. The research note had estimated Meesho’s market share at 37% in terms of the number of orders for calendar year 2024. However, in terms of GMV, its market share was around 8.5%, CLSA said.
"Meesho's board met late on Sunday...and has approved the merger and share allotment to investors of the US entity. It is now a fully Indian company," one of the persons said, adding that the company is expected to file the draft prospectus for its upcoming initial public offering in the coming two to three weeks.
The SoftBank-backed company had on May 27 received approval from the National Company Law Tribunal (NCLT) to go ahead with the reverse flip. The company is expected to pay $280–300 million tax in the US for its flipback.
A Meesho spokesperson did not respond to queries sent by ET.
With this, Meesho joins Groww, Razorpay, Dream Sports, Zepto and PhonePe, which have already shifted their domiciles to India.
Also Read: Reverse flipping by Indian startups gathers steam: Here’s all you need to know
Meesho, on the lines of other Y Combinator-backed startups such as Groww and Razorpay, was originally incorporated in the US to facilitate easier access to global capital. However, with plans to go public on Indian stock exchanges, these companies have been relocating their registered offices to India.
Meesho had applied to the NCLT for approval of its reverse merger in January. Meanwhile, it closed a $550 million funding round that saw new investors such as Tiger Global, Mars Growth Capital and Think Investments join its cap table. This transaction, which was largely a secondary deal, valued the company at around $3.9-4 billion, at a slight discount from its peak valuation of $5 billion.
Meesho has appointed Kotak Mahindra Capital, Citi, JP Morgan, and Morgan Stanley as merchant bankers for its public issue.
The company’s ecommerce rival, Walmart-owned Flipkart, is also working on redomiciling from Singapore to India ahead of a planned IPO in 2026.
In March, Meesho released its annual report, saying it recorded 34% year-on-year growth in orders during the April-December 2024 period, at 1.3 billion. This equalled the number of orders it clocked over the whole of fiscal year 2024.
As of December 31, the company had 187 million unique annual transacting users — a 26% increase from the same period in the previous year.
A March report by brokerage CLSA noted that Meesho is currently at a gross merchandise value (GMV) run rate of $6.2 billion, and is estimated to grow at a compound annual growth rate (CAGR) of 26% over the next six years. The research note had estimated Meesho’s market share at 37% in terms of the number of orders for calendar year 2024. However, in terms of GMV, its market share was around 8.5%, CLSA said.
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