that shareholders had approved the IPO plan through which Meesho aims to raise Rs 4,250 crore (about $500 million) in fresh capital.

Meesho, which is backed by SoftBank, Prosus, Peak XV Partners and Tiger Global, completed its domicile shift from the US to India in June.

With this, Meesho joins a growing list of new-age companies that have filed their draft papers to go public. Among them are Groww, Pine Labs, Urban Company, Wakefit, Shiprocket, PhysicsWallah and Curefoods.

ET had reported on July 3 that a dozen such companies which have filed their DRHP this year are expected to collectively raise about Rs 18,000 crore, or more than $2 billion, through the stock launches.

In its annual report released in March, Meesho had recorded a 33% jump in operating revenue for FY24 to Rs 7,615 crore. It also narrowed its adjusted loss by 97% to Rs 53 crore and achieved operating cash flow positivity.

In its last funding round, Meesho had raised $550 million mainly through secondary transactions. However, the round valued it at about $3.9 billion, down from its peak valuation of $5 billion.

A presentation by its investor Prosus in June showed that in FY25, Meesho clocked more than 1.8 billion orders, a 37% growth from the previous year.

With this proposed IPO, Meesho could emerge as the first horizontal ecommerce company to list on the bourses in India. Its rival firm, Walmart-owned Flipkart, is also in the process of shifting its domicile from Singapore to India ahead of a planned public issue next year.