Meesho aiming to go public in early 2023

According to sources, Indian startup Meesho, which counts Facebook owners Meta Platforms and SoftBank Group's Vision Fund 2 as investors, is targeting an IPO in early 2023. Bangalore-based social commerce platform is ready for listing by the end of 2022 and is evaluating both Indian and US stock exchanges.

Meesho raised $570 million at a valuation of $4.9 billion in a Series F funding round in September. The funding round was led by Fidelity Management & Research Company and B Capital Group.

The company's platform resellers offer a variety of unbranded products,  from clothing to cosmetics to consumer electronics, primarily in small cities in the country. Users can profit from reselling products from the supplier market to their customers, primarily through Meta's unique platform WhatsApp, Facebook and Instagram.

The company is planning to file documents for its IPO by January next year and wants to essentially be done with the IPO by the first half of 2023. A former JPMorgan Chase investment banker, Dhiresh Bansal was hired as the chief financial officer in November. He has been tasked with getting the startup’s book in order and plugging in any gaps in finances.