Online marketplace Meesho has successfully raised $550m in an ongoing funding round, The Economic Times (ET) has reported.
The company secured an additional $250m to $270m in funding from new financiers Tiger Global, Think Investments and Mars Growth Capital. Long-standing backers Peak XV and WestBridge Capital also contributed to the round.
This follows the initial phase of the funding round, which took place in May 2024, in which the company raised $275m, according to filings with the Securities and Exchange Commission.
Meesho, which enjoys backing from SoftBank and Prosus, also approached the National Company Law Tribunal (NCLT) to facilitate a reverse merger.
The strategic move would integrate its Indian entity, Fashnear Technologies, with its US counterpart, Meesho.
The company is poised to submit its initial public offering (IPO) documentation in the latter half of 2025 and anticipates going public in 2026, dependent upon receiving approval from the NCLT.
Meesho, which launched in 2015, offers apparel, footwear, home decor, beauty products and electronics.
For the fiscal year 2024, the retailer reported a 33% surge in operating revenues, climbing to Rs77.15bn ($881.75m).
Its adjusted loss experienced a 97% contraction, plummeting from Rs15.69bn to a mere Rs530m.
The platform experienced robust 35% annual growth in order volume during 2024.
It recorded 175 million annual transacting users throughout that period.
