Hyper-value ecommerce platform Meesho has modified the identify of its authorized entity from ‘Fashnear Applied sciences Non-public’ to ‘Meesho Non-public Restricted’, in accordance with filings made with the Registrar of Corporations (RoC).
Altering the guardian entity’s identify to match the corporate’s model is considered as a transfer to strengthen model recognition amongst customers and stakeholders forward of an preliminary public providing (IPO).
Earlier this month, fast commerce unicorn Zepto modified the identify of its guardian entity from ‘Kiranakart Applied sciences Non-public Restricted’ to ‘Zepto Non-public Restricted’. Swiggy, which went public in November final 12 months, had additionally modified its registered identify from ‘Bundl Applied sciences Non-public Restricted’ to ‘Swiggy Non-public Restricted’.
Meesho is the newest in a pattern of startups more and more Indian bourses for buoyancy and growth. Startups have been changing into public entities, realigning model names with the corporate, and flipping their bases again to India in a bid to capitalise on home markets.
Final week, Walmart-backed home ecommerce platform Flipkart relocated its holding firm from Singapore to India to align its holding construction with core operations. Earlier than that, fintech majors PhonePe and Razorpay additionally reverse-flipped to India amid their public debut plans.
Meesho has been slowly gaining market share from its extra established friends like Amazon India and Flipkart. In response to a CLSA brokerage observe, Meesho is the biggest ecommerce platform in India by order worth, with a mean of 4.9 million orders.
To this point, the corporate has raised $1.4 billion from a number of buyers together with Softbank, Prosus, Peak XV, and Westbridge Capital, amongst others. In its newest spherical closed earlier this 12 months, it raised $550 million at a valuation of about $3.9 billion.
Edited by Kanishk Singh
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