Meesho is an online shopping platform that is said to facilitate trade between suppliers, resellers and customers as an online marketplace.It achieved a valuation of nearly $5 billion in 2021 after a $570 million Series F funding round led by Fidelity and B Capital. WestBridge Capital is an investment firm that is said to primarily focus on investments in India.
This move may be through a secondary transaction that’s valued at around $3 billion.If this goes ahead, WestBridge would acquire about 2% of Meesho. With Venture Highway said to have a stake of 3% in Meesho, it may still retain a stake after the transaction. And with Meesho competing with platforms like Flipkart and Amazon, it is said to surpass its performance in H1 2023.
The valuation of about $3 billion in this potential secondary transaction may represent a discount, compared to Meesho’s previous valuation. That being said, Meesho, Venture Highway and WestBridge are said to have declined to comment. In April 2023, Fidelity slashed the fair value of investment in Meesho to about $37.8 million.
In May 2023, Fidelity had cut Meesho’s valuation by about 10% to about $4.4 billion. Then, what happened? In July 2023, Fidelity marked up the fair value of its investment in Meesho to approximately $43.2 million. This is about a 15% uptick in valuation.
