Meesho files confidential DRHP, eyes Rs 8,500 cr IPO amidst tech IPO resurgence

Social commerce unicorn Meesho has officially entered the IPO arena, filing a confidential Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 4,250 crore in primary capital. The total IPO size could swell to Rs 8,500 crore (approx. $1 billion) once secondary share sales are factored in, according to a report by Moneycontrol.

The Bengaluru-based startup, known for democratizing e-commerce for India's small sellers and tier 2-3 consumers, is targeting a listing in the September-October 2025 window, timed with an expected resurgence in investor appetite for digital-first businesses.

The confidential filing route allows Meesho to proceed without publicly disclosing sensitive competitive data, a strategic move, especially in a cutthroat market dominated by Amazon, Flipkart, and Reliance’s Jiomart. This regulatory provision also enables greater agility in adjusting IPO timelines amidst market fluctuations.

Meesho’s IPO ambitions reflect a broader revival in India’s tech IPO pipeline. Over the past fortnight alone, names like Wakefit, Curefoods, Pine Labs, and Shadowfax have filed their papers, aiming to raise over Rs 6,000 crore collectively in primary capital. It's a clear sign that after a long funding winter, optimism is returning to Dalal Street.

In the run-up to the IPO, Meesho has undertaken key structural overhauls, it restructured its board, flipped back to an Indian domicile from a U.S. holding structure, and transitioned into a public company, all in preparation for its debut as a listed brand.

With its confidential filing, Meesho joins a growing cohort of high-growth Indian startups opting for stealth mode IPO filings, following in the footsteps of Groww, Oyo, and Shadowfax, each navigating a complex market with capital efficiency and IP protection top of mind.

As Meesho gears up to hit the public markets, the listing could redefine valuations for India’s social commerce segment, and set the tone for how emerging Indian e-commerce brands are perceived globally.