ITV

Tag: IPO 2025

  • Meesho files confidential IPO

    Meesho files confidential IPO

    MUMBAI: Meesho, one of India’s fastest-growing e-commerce platforms, has filed a confidential draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI)—marking its first major step toward a public listing. The move allows the company to fine-tune its offer documents privately with regulators before going public, a route increasingly popular among Indian tech firms preparing to list.

    Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho built its model around affordability, simplicity, and deep regional access—serving value-conscious shoppers in tier-2 and tier-3 cities. The platform, which offers zero-commission selling for merchants and operates in multiple regional languages, has attracted over 150 million annual transacting users. Its focus on low-ticket, everyday essentials has helped it compete with giants like Amazon and Flipkart, particularly in unbranded fashion and general merchandise.

    Meesho has shown significant financial momentum ahead of the IPO. In FY24, it recorded revenues of Rs7,615 crore, a 33 per cent jump year-on-year. More notably, it reduced its net loss to Rs305 crore—down sharply from Rs1,675 crore in FY23—thanks to logistics optimisation and better ad-spend efficiency. In a key pre-IPO restructuring, the company also completed a reverse-flip, moving its parent entity from the US to India to simplify governance and improve eligibility for local listing.

    The public offering is expected between September and October 2025, with lead managers including Citi, Kotak Mahindra Capital, Morgan Stanley, JP Morgan, and Axis Capital. Market participants suggest Meesho could seek a valuation between $6.5–7.5 billion, positioning it among the most anticipated Indian tech IPOs of the year.

    Meesho’s filing comes amid a broader wave of confidential listings in India. So far in 2025, Indian firms have raised nearly $6 billion through IPOs, with more than 140 companies in the regulatory pipeline. Investor appetite for digital-first, scalable platforms remains strong—particularly those showing a clear path to profitability.

    Key drivers for Meesho include its continued expansion into smaller towns, enabled by UPI penetration, affordable mobile data, and a rising appetite for value-led online shopping. The company’s private-label brands in fashion, home, and beauty now account for nearly 20 per cent of sales, and its Meesho Express logistics arm is targeting 24-hour delivery in the top 200 districts to boost stickiness and margins.

    Despite these headwinds, the company’s ability to cut losses while scaling revenues has buoyed investor confidence. The confidential filing gives Meesho up to 18 months to finalise its listing—offering time to strengthen financials further, and potentially turn a profit before debuting.

  • Solitario Lab-Grown Diamonds secures $3.6 million pre-IPO funding

    Solitario Lab-Grown Diamonds secures $3.6 million pre-IPO funding

    MUMBAI: The future of diamonds is brighter, and it’s not coming from the mines. Solitario Lab-Grown Diamonds, co-founded by jewellery industry veteran Ricky Vasandani and Indian cinema actor Vivek Oberoi, has successfully raised $3.6 million in a pre-IPO funding round, valuing the company at $18.3 million (Rs. 150 crore).

    The funding attracted marquee investors, including Neeraj Gupta (Meru Cabs founder), Mauritius-based FPI Investi Global, Vicco Group, and Seema Manish Nuwal (Solar Industries promoter). A roster of ultra-high-net-worth individuals, including Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh, also participated in the round. Socradamus Capital Private Ltd acted as the book running lead manager for the transaction.

    Solitario is rewriting the jewellery rulebook, proving that lab-grown diamonds are not just sustainable but also luxurious and desirable. The company offers an exquisite range of diamond jewellery, including necklaces, rings, earrings, bracelets, and pendants.

    Their financial growth is as dazzling as their diamonds—revenues soared from Rs 24.3 crore in FY 2023 to Rs 52 crore in FY 2024. And they are just getting started.

    Vasandani shared his excitement, stating, “This investment validates our vision of creating beautiful, sustainable jewellery that doesn’t compromise our planet’s future. The funds will accelerate our expansion plans and strengthen our position in the growing lab-grown diamond market. Solitario is not only creating jewellery but also crafting a legacy of environmental responsibility and exceptional craftsmanship.”

    Solitario already shines across 18 stores in 10 major Indian cities and an international presence in Dubai, Malaysia, and Spain with 38 outlets. The brand has also forged an exclusive partnership with PNG to launch stores in seven more cities.

    The company operates a state-of-the-art 30,000 sq. ft. manufacturing facility in Surat, employing over 300 people. With these robust foundations, Solitario is set to expand its retail network domestically and internationally, enhance branding and marketing, develop a broader product portfolio, and boost manufacturing capabilities.

    In a milestone moment, Solitario recently became the first lab-grown diamond brand to be showcased on the Burj Khalifa, reinforcing its global appeal.

    The Indian gem and jewellery market is expected to grow from $43 billion in 2021 to $91 billion by 2025. Meanwhile, the lab-grown diamond market, currently valued at $250 million in 2023, is projected to hit $1.2 billion by 2033. Solitario aims to capture a significant share of this booming market, targeting Rs. 500 crore in revenue by 2028.

    Solitario’s collection features over 500 unique designs, ranging from everyday elegance to high-end luxury. Their diamonds boast the same physical, chemical, and optical properties as mined diamonds, but with a 40-50 per cent lower price tag and a guilt-free, sustainable footprint.

    As consumers increasingly seek eco-conscious luxury, Solitario is positioned as the go-to brand for those who want the sparkle without the environmental strain.