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Anusuya Lahiri

Meta, SoftBank Backed Indian Startup Targets IPO; Exploring Indian and US Exchanges

  • Facebook parent Meta Platforms Inc (NASDAQ:FB) and SoftBank Group Corp's (OTC:SFTBY) (OTC:SFTBF) Vision Fund 2 backed Indian startup, Meesho, looks to go public in early 2023, Reuters reports.
  • The Bengaluru-based social commerce platform is rooting for a listing by the end of 2022. Meesho is evaluating both Indian and U.S. exchanges.
  • Resellers on the company's platform offer a variety of unbranded products, ranging from clothes to cosmetics to household appliances, predominantly in the country's smaller towns and cities.
  • Users can resell products from the supplier marketplace for a profit margin to customers, mainly through Meta-owned platforms WhatsApp, Facebook, and Instagram.
  • Meesho had 17.8 million monthly transacting users on its platform as of September, surging from 5.5 million in March.
  • Price Action: FB shares traded lower by 1.70% at $199.53 on the last check Friday.
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