Thursday, April 25, 2024

Ads by Google

Ads by Google

MPBSE Supplementary Exam Dates 2024: Class 10th on June 10, Class 12th on June 8

MPBSE Supplementary Exam Dates 2024: The Madhya Pradesh Board of Secondary Education has declared the results for the Class 10th and 12th examinations. Alongside...
HomeNewsMeesho's $300 million funding round: Tiger Global bets, SoftBank's call and more

Meesho’s $300 million funding round: Tiger Global bets, SoftBank’s call and more

Mar 26, 2024 10:04 AM IST

The latest round is being led by Tiger Global and Peak XV Partners which are together putting in $150 million, the report claimed.

Meesho is set to raise $300 million from investors including Tiger Global and SoftBank, Moneycountrol reported citing people in the know. In the funding round, existing and other investors, such as Peak XV Partners and Mars Growth Capital, will also participate, it added. The latest funding round will also mark the return of Tiger Global in India as it will be the investor’s first major round since Scott Shleifer stepped down in November. This will also be one of the very few large rounds that have materialised for Meesho in the past 12 months.

Meesho co-founders Vidit Aatrey, CEO, and Sanjeev Barnwal, CTO.(TIME/ Meesho)
Meesho co-founders Vidit Aatrey, CEO, and Sanjeev Barnwal, CTO.(TIME/ Meesho)

Read more: Ousted co-founder Adam Neumann offers to buy back WeWork out of bankruptcy for over $500 million: Who is he?

What has been reported about Meesho’s latest funding round?

The latest round is being led by Tiger Global and Peak XV Partners which are together putting in $150 million, the report claimed, adding that Peak XV, along with some of its limited partners (LPs), is likely to put in $70 million. Tiger Global is a new investor in Meesho but Peak XV is an existing backer that had first invested in the firm in 2018. The current round values Meesho at $3.9 billion- which is 20 per cent lower than $4.9 billion valuation during its previous fundraise in 2021. In the process, remaining $150 million will come from SoftBank, an existing investor, which is pushing $30 million.

Hindustan Times – your fastest source for breaking news! Read now.

Read more: Stellantis layoffs: This company fired 400 employees on call: ‘Mass firing of everybody that joined’

A source told Moneycontrol, “Meesho is in the process of flipping its base back to India from Delaware and a bulk of the fresh capital will be used to pay the relevant taxes ahead of its planned IPO.”

Read more: Vijaypat Singhania says no reconciliation with son, alleges ‘ulterior motive’ of Gautam Singhania

Meesho’s financial performance

In the previous fiscal year, Meesho halved its losses to 1,675 crore from 3,251 crore in FY22 and saw its revenue from operations grow 77 per cent from 3,232 crore in FY22 to 5,735 crore in FY23.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.