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The market of -commerce Meeso concluded its reverse reversal process and moved its home to India, said people aware. The documents filed with the Chancellor of the Companies and seen by et confirm the development.”The Board of Directors of Meesho met late on Sunday … and approved the merger and assignment of sharing to the investors of the American entity. Now it is a completely Indian company,” said one of the people, adding that the company should present the prospective project for its next initial public offer in the first two or three weeks.
The company supported by SoftBank received on May 27th received the approval of the National Company Law Tribunal (NCLT) to go on with the reverse. The company should pay $ 280–300 million taxes in the United States for its flipback.
A spokesman for Meeso did not answer the questions sent by et.With this, Meeso joins GroW, Razorpay, Dream Sports, Zepto and Phonepe, who have already moved their home to India.
Meeso, on the lines of other startups supported by Y Combinator such as GroW and Razorpay, was originally incorporated in the United States to facilitate easier access to global capital. However, with plans to be public in Indian bags, these companies have transferred their offices registered to India.
Meesho had applied for the NCLT for the approval of its reverse fusion in January. In the meantime, he has closed a $ 550 million financing round that has seen new investors such as Tiger Global, Mars Growth Capital and Think Investments joining his chap. This transaction, which was largely a secondary agreement, evaluated the company at about $ 3.9-4 billion, with a slight discount from its peak evaluation of $ 5 billion.
Meeso has appointed Kotak Mahindra Capital, Citi, Jp Morgan and Morgan Stanley as merchant bankers for his public question.
The company’s e-commerce rival, Flipkart owned by Walmart, is also working on the redomiciling from Singapore to India in view of an IPO planned in 2026.
In March, Meesho published his annual report, stating that he recorded an order growth of 34% on an annual basis during the period of April 2024, to 1.3 billion. This equaled the number of orders that recorded the entire tax year 2024.
As of 31 December, the company had 187 million unique annual transactions users, an increase of 26% compared to the same period of the previous year.
An Brokerage CLSA March report observed that Meeso is currently at an execution rate of merchandise Value (GMV) of $ 6.2 billion and it is estimated that it grows at a compound annual growth rate (CAGR) of 26% in the next six years. The research note had estimated the market share of Meeso to 37% in terms of number of orders for civil year 2024. However, in terms of GMV, its market share was approximately 8.5%, said Cse.
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