India’s homegrown e-commerce platform Meesho has officially concluded its much-anticipated reverse flip, relocating its legal domicile from the U.S. back to India. The company has completed an important step and is now getting ready to submit its Draft Red Herring Prospectus (DRHP) in the next 2 to 3 weeks. This submission is a significant move toward its planned Initial Public Offering (IPO).
What is a Reverse Flip?
A reverse flip refers to a startup shifting its parent company’s legal base from an overseas location (often the U.S. or Singapore) back to India. This is a growing trend among Indian startups, driven by improved domestic listing frameworks, favorable taxation policies, and increasing investor interest in India’s capital markets.
Meesho now joins the likes of Groww, Zepto, and Razorpay, which are either in the process of reverse flipping or have already completed the transition.
Why Meesho Chose India for Its IPO
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho has grown into one of India’s top e-commerce marketplaces, catering to value-conscious consumers in tier-II and III cities. It has over 140 million annual transacting users and supports millions of small sellers through its zero-commission model.
By shifting its base back to India, Meesho aims to:
- Capitalize on growing retail investor interest in tech-driven IPOs.
- Benefit from eased regulatory processes for India-domiciled firms.
- Build deeper alignment with Indian consumers, sellers, and policymakers.
IPO Plans: What to Expect
Meesho’s DRHP filing is expected in July 2025, with a potential listing by late 2025 or early 2026. While the company hasn’t disclosed its IPO size yet, industry insiders estimate a raise between $500 million to $700 million.
The proceeds from the public offering are expected to be used for:
- Expanding logistics and warehousing.
- Scaling tech infrastructure.
- Enhancing working capital and seller incentives.
Reverse Flip: A Rising Trend in India’s Startup Ecosystem
Meesho’s move is part of a broader trend of Indian startups “coming home” as the country’s public market ecosystem matures. The government and SEBI have also relaxed compliance frameworks to encourage more listings in India.
With its reverse flip completed and DRHP filing imminent, Meesho is poised to make headlines as one of India’s most awaited IPOs. As the company gears up for its public debut, all eyes are now on its next moves in India’s highly competitive e-commerce space.
Also Read: Indian Startups Embrace Reverse-Flipping: Meesho, Dream11, Zepto & More Return Home
