E-commerce platform Meesho has completed its reverse-flip process, shifting its domicile from the US to India, Economic Times reported, citing documents filed with the Registrar of Companies.
“Meesho’s board met late on Sunday and approved the merger and share allotment to investors of the US entity. It is now a fully Indian company,” one source stated, noting that the company is expected to file its draft red herring prospectus (DRHP) for its upcoming initial public offering (IPO) within the next two to three weeks.
On 27 May 2025, the SoftBank-backed company received approval from the National Company Law Tribunal (NCLT) to proceed with its reverse flip. The company is expected to pay between $280 million and $300 million in taxes to the United States for this redomiciliation.
Meesho initiated its return to India in 2024, coinciding with preparations for its IPO. Its early investor, Y Combinator, had previously advised Meesho to establish its portfolio companies outside India to attract global investment and accelerate expansion.
Meesho IPO
Meesho is gearing up for an IPO, targeting to raise approximately $1 billion. The SoftBank-backed start-up has appointed Morgan Stanley, Kotak Mahindra Capital and Citi as IPO advisers, with discussions underway to potentially include JP Morgan in the syndicate.
In fiscal year 2023–24, Meesho significantly narrowed its losses (excluding ESOP costs) to ₹53 crore, a marked improvement from a net loss of ₹1,569 crore in FY 22–23. Revenue from operations grew by 33 % in FY 24, reaching ₹7,615 crore from ₹5,735 crore in FY 23, driven by an increase in unique yearly transacting users and higher order frequency among existing customers.
In its annual report, Meesho claimed to be the first horizontal Indian e-commerce firm to achieve profitability in fiscal 2024, generating a positive free-cash-flow of ₹197 crore for the year.
Additionally, in May 2025 Meesho approved a plan to issue ₹411.4 crore worth of bonus shares. Shareholders approved issuing bonus shares of ₹1 each to equity shareholders at a ratio of 47:1, increasing the company’s paid-up share capital from ₹8.7 crore to ₹420.1 crore.
