Facebook-backed Indian startup Meesho targets early 2023 for IPO - sourceBENGALURU: Indian startup Meesho, which counts Fb-operator Meta Platforms and SoftBank Group’s Eyesight Fund 2 as its traders, is aiming to go public in early 2023, a source acquainted with the matter instructed Reuters.

The Bengaluru-dependent social commerce platform is operating to be ready for a listing by the conclusion of 2022 and is assessing equally Indian and U.S. exchanges, according to an internal doc viewed by Reuters.

In September, Meesho lifted $570 million at a valuation of $4.9 billion in a Sequence F funding spherical led by Fidelity Management & Investigate Firm and B Capital Group.

Resellers on the firm’s system offer a selection of unbranded products, ranging from dresses to cosmetics to family appliances, predominantly in the country’s more compact towns and towns.

End users can resell items from the supplier marketplace for a financial gain margin to customers, largely by way of Meta-owned platforms WhatsApp, Fb and Instagram.

“Meesho is filing documents by January subsequent 12 months and would like to effectively be done with the IPO by the first fifty percent of 2023,” the resource, who did not want to be named simply because he is not authorized to chat to media, stated.

The enterprise did not respond to multiple requests for comment from Reuters.

Dhiresh Bansal, a previous JPMorgan Chase expense banker employed as chief economic officer in November, has been tasked with obtaining the startup’s guides in purchase and plug in any gaps in funds, the resource added.

Meesho experienced 17.8 million monthly transacting users on its platform as of September surging from 5.5 million in March.

Indian technological know-how startups shown on the domestic bourses to blended reception in 2021. Even though food items delivery agency Zomato and cosmetics-to-manner retailer Nykaa experienced blockbuster listings, electronic payments app Paytm crashed on debut.

Founded in 2015 by Indian Institute of Technological innovation graduates Vidit Aatrey and Sanjeev Barnwal, Meesho also gives logistics and payment tools to sellers.

Facebook’s expense in Meesho in June 2019 was the Silicon Valley giant’s very first equity financial commitment https://meesho.io in an Indian startup.

The startup also counts Prosus Ventures and Sequoia Money amid its traders.