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Meesho Limited is a multi-sided technology platform incorporated in 2015, which enables e-commerce in India by connecting four critical stakeholders-consumers, sellers, logistics partners, and content creators. The company operates its e-commerce marketplace under the brand name Meesho, enabling consumers to access a wide range of products at an affordable price while offering sellers a low-cost platform to grow their businesses.Meesho works through two business segments:Marketplace-a technology-driven platform that enables transactions between customers, sellers, logistics partners, and content creators. Revenue from this segment primarily includes income on services offered to sellers for order fulfilment, advertising, and seller insights.New Initiatives: This includes a low-cost, local logistics network for daily essentials and a digital financial services platform.The company has demonstrated solid operational growth with a consistent rise in placed orders and a broadening base of transacting users and sellers. For the twelve months ended September 30, 2025, Meesho had 706,471 annual transacting sellers and 234.20 million annual transacting users.The logistics network, operated under Valmo, integrates third-party logistics providers comprising first and last-mile delivery partners, sorting centres, and truck operators that are used to ensure timely order fulfilment across the country. As of September 30, 2025, Meesho employed 2,082 full-time employees. The company's constant focus on cost efficiency and technological innovation has helped it stay cash flow positive while making strategic investments in the new business verticals to expand its digital ecosystem.
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |
Open Date
03 Dec 2025
Close Date
05 Dec 2025
Min Investment
₹14985
Lot Size
135 Shares
Issue Size
₹5421.2 Cr
Price Range
₹105 - ₹111
Listing Date
Dec 10, 2025
IPO Doc
RHP PDFRevenue Growth
Company Valuation
Earning Expansion
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The company will invest ₹1,390 crore in cloud infrastructure through its subsidiary, MTPL. The company will invest ₹1,020 crore in MTPL (its subsidiary) for marketing and brand initiatives. ₹480 crore will be used for salaries of the ML, AI, and other technology teams. IPO funds will support general operations and acquisitions.
Investment in cloud infrastructure
32.71%
Investment in MTPL
24%
ML & AI technology development
11.29%
General corporate purposes
32.1%
The company will invest ₹1,390 crore in cloud infrastructure through its subsidiary, MTPL.
The company will invest ₹1,020 crore in MTPL (its subsidiary) for marketing and brand initiatives.
₹480 crore will be used for salaries of the ML, AI, and other technology teams.
IPO funds will support general operations and acquisitions.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 5,857.69 | 9900.90 | 7859.24 | 5897.69 |
| EBITDA | -551.87 | -219.59 | -230.15 | -1693.73 |
| Expenses | ||||
| Profit After Tax | -700.72 | -3941.71 | -327.64 | -1671.90 |
| Assets | 6,640.39 | 7226.09 | 4160.99 | 3853.35 |
| Net Worth | 968.87 | 1561.88 | 2301.64 | 2548.31 |
| Reserves | ||||
| Borrowing |
Vidit Aatrey
Sanjeev Kumar
18.51%
N/A
Meesho Limited
3rd Floor, Tower E, Helios Business Park, Chandana, Kadabeesanahalli, Bengaluru, Karnataka, 560103
Zero-commission marketplace and scale-driven fulfilment efficiency enable sellers to price competitively. Meesho’s average cost charged to sellers has steadily decreased as platform scale improves logistics economics. The company’s scale lowers sellers’ average cost per order, while a large ecosystem of consumers, sellers, and logistics partners drives efficiency and low prices.
The company has built strong trust signals with 1,298.22 million ratings, 399.67 million reviews and 86.39 million consumer-generated images/videos as of Sep 30, 2025, while its 7-day return policy and fast average refund turnaround of 1 hour 14 minutes in FY25 further enhance buyer confidence. Aggressive AI-led quality and fraud controls have blocked up to 37,109 sellers and deactivated 12.56 million infringing listings in FY25, strengthening customer trust.
The company operates an asset-light business model, without manufacturing, inventory, logistics, or private label products, enabling capital-efficient growth compared to traditional retail or inventory-heavy e-commerce models. The company has improved operating efficiency alongside scale. Advertising and sales promotion expenses decreased from 4.82% to 2.15% as a percentage of NMV and from 12.26% to 6.43% as a percentage of total expenses from FY23 to FY25.
Placed orders per seller dropped to 3,214.50 in September 2025 (LTM) from 3,511.83 in September 2024 due to increased onboarding of lower-assortment non-GST sellers. A material decline in seller engagement could lead to reduced product assortment, negatively impacting consumer engagement and order volumes.
The company shipped 107.72 crore orders in H1FY26, of which 64.54 crore were via Valmo and 38.24 crore through external end-to-end partners. The company lacks exclusive logistics contracts, and many agreements are short-term. Disruptions due to weather, capacity shortages, or partner-level operational issues can lead to delays and higher RTO (return-to-origin) rates, damaging user trust.
Despite improvements, 72% of shipped orders in H1FY26 were still CoD-based, compared to 78.51% in H1FY25. CoD success rates (75.85% in H1FY26) remain significantly lower than prepaid success rates (96.39%), increasing logistics costs and return rates. CoD also exposes Meesho to risks of cash pilferage, evidenced by the May 2024 complaint filed against 35 delivery vendors for non-remittance of collected cash.