Meesho Limited is a multi-sided technology platform driving e-commerce in India by bringing together four key stakeholders – consumers, sellers, logistics partners and content creators. The e-commerce marketplace, that they operate under the brand name Meesho, emerged as India's largest in terms of number of Placed Orders and Annual Transacting Users among e-commerce players in India in the last twelve months period ended September 30, 2025, according to the Redseer Report. Company is focused on providing 'Everyday Low Prices' to consumers. The technology-first operations, platform scale and efficiency offers low cost order fulfilment to sellers on Meesho. This, along with a zero commission model for sellers enables company to reduce the average cost charged to sellers and provide a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices on Meesho. Company monetises the platform through services that are provided to sellers on Meesho such as order fulfilment, advertising and data insights. Further, they do not charge sellers any commission and they do not charge any platform fee to consumers on Meesho. The platform scale and ecosystem integration also enables them to launch and scale New Initiatives such as (i) low cost local logistics network for daily essentials and (ii) a financial services platform where regulated partners offer financial services tailored to the stakeholders. In Fiscal 2025,198.77 million Annual Transacting Users transacted on Meesho, of which 174.43 million were from outside Top 8 cities in India. In the last twelve months periods ended September 30, 2025 and September 30, 2024, 234.20 million and 175.09 million Annual Transacting Users transacted on Meesho, of which 205.80 million and 153.45 million were from outside Top 8 cities in India, respectively. Meesho offers a wide assortment of products, including low cost unbranded products, regional brands and national brands. In the six months periods ended September 30, 2025 and September 30, 2024, Meesho hosted 153.72 million and 109.65 million Daily Active Product Listings, respectively. Sellers on Meesho include manufacturers, wholesalers and traders. During Fiscals 2023, 2024 and 2025, 4,49,966, 4,23,749 and 5,13,757, and for the last twelve months periods ended September 30, 2024 and September 30, 2025, 4,40,824 and 7,06,471 Annual Transacting Sellers transacted on Meesho, respectively. The NMV per Annual Transacting Seller increased at a CAGR of 16.86% from Rs 4,27,429.78 in Fiscal 2023, Rs 5,48,463.42 in Fiscal 2024 to Rs 5,83,697.39 in Fiscal 2025. The average number of days for a new seller on Meesho to receive its first order after the product is listed on Meesho decreased from 32 days in Fiscal 2023, 26 days in Fiscal 2024, 16 days in Fiscal 2025, to 15 days in the twelve months period ended September 30, 2025. Content creators are individuals who primarily create and post short form videos and live streams on Meesho and other third party social media platforms to enhance the shopping experience for the consumers. By posting such content, content creators get an opportunity to monetise their creativity. In Fiscal 2025 and in the last twelve months period ended September 30, 2025, and September 30, 2024, they enabled 27,836 and 50,319 and 13,659 Active Content Creators who posted 4,48,183, 9,30,255, and 1,59,964 Order Generating Content on a cumulative basis, respectively. They generated Rs 7.07 billion in NMV from the Marketplace through content commerce in Fiscal 2025, having achieved this growth within 23 months of its launch in May 2023. In the last twelve months ended September 30, 2025, they generated Rs 12.08 billion in NMV from the Marketplace through content commerce. As per financial performance, Meesho Limited has posted total income / net profits of Rs 5,897.69 Cr / Rs (1,671.90) Cr (FY23), Rs 7,859.24 Cr / Rs (327.64) Cr (FY24), Rs 9,900.90 Cr / (3,941.70) Cr (FY25) and Rs 5,857.69 Cr / (700.71) Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but consistently making losses. Company has an average EPS of Rs (6.02) and average RoNW of (141.86)% for last three fiscals. Issue is priced at a P/BV of 48.68 as per NAV of Rs 2.28/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around NA, NA and NA respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, JM Financial Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited IPO are associated with this IPO, and has handled 158 IPOs in last three fiscal years. ( As on 28.11.25 ) As per financials, Meesho Limited has shown good growth, RoNW is (252.37)% and P/E is NA, NA and NA respectively as per FY24, FY25 and annualised FY26 earnings as company had posted losses. Company is a multi-sided technology platform driving e-commerce in India by bringing together four key stakeholders – consumers, sellers, logistics partners and content creators, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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