courtesy: Inc 24
E-commerce startup Meesho has raised $275 million from existing investors like SoftBank, Prosus, Elevation Capital, and Peak XV Partners, as per the regulatory filings with Security and Exchange Commission (SEC). The capital infusion is part of a larger ongoing round at Meesho.
Meesho, which was initially in the market to raise $300 million, has seen increased in investors interest and can potentially increase the round size as much as $500 to $600 million. The news were first reported by moneycontrol. The talks are still ongoing and the final amount will be decided in due course.
The round, which is a mix of equity and debt, will also see Tiger Global ending its hiatus and returning to in the startup for the first time. Of the total amount, the primary amount of $300 million will be utilised into paying off the taxes from switching the company base from Delaware to India, ahead of an IPO in India. The remaining amount will be the secondary component, as per the reports by the news outlet.
The round values Meesho at $3.9 billion, 20 per cent lower than the $4.9 billion valuation it commanded during its previous fundraise in 2021. The reduction in value comes after Fidelity cut Meesho’s valuation to $3 billion, as per the media reports in January.
