Meesho gets shareholders' nod to raise ₹4,250 crore through IPO
SoftBank-backed Meesho has received shareholders' approval to raise up to ₹4,250 crore through an initial public offering, according to the company's regulatory filing.
The resolution for IPO was passed in the Extraordinary General Meeting on June 25, the filing by the e-commerce company said.
According to the filing dated June 27, the shareholders approved raising up to ₹4,250 crore through issuance of fresh equities.
The development comes after Meesho completed its domicile shift to India from the U.S.
The shareholders also approved a change in designation of Meesho Co-Founder and CEO Vidit Aatrey as chairman and managing director of the company.
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Business Standard
4 hours ago
- Business Standard
Tourists trickling into Afghanistan, Taliban govt eager to welcome them
By plane, motorbike, camper van and even on bicycles, tourists are beginning to discover Afghanistan, with solo travellers and tour groups gradually venturing into a country that until recently was wracked by war. And the country's Taliban government, which seized power more than three years ago but has yet to be formally recognised by any other nation, is more than happy to welcome them. The Afghan people are warm and welcoming and wish to host tourists from other countries and engage with them, Deputy Minister of Tourism Qudratullah Jamal told The Associated Press in an early June interview. Tourism brings many benefits to a country. We have considered those benefits and aim for our nation to take full advantage of them. A potentially lucrative industry Tourism is a vital, multi-billion-dollar industry for many countries. Afghanistan's isolation on the international stage, largely because of the Taliban's restrictions on women and girls, has left much of its 41 million people mired in poverty. As it struggles to attract foreign investment, the lucrative potential of tourism is far from lost on the government. We are currently earning a considerable amount of revenue from this industry, and we are hopeful it will grow even more in the future, Jamal said, noting money spent by visitors can reach more layers of society than revenue from other industries. We are optimistic this sector will evolve into a large economy, bringing significant benefits. It plays an important role in strengthening our national economy. Trickle rather than a flood Tourist visas are quick and easy to obtain and flights from major transit hubs such as Dubai and Istanbul operate several times a week. The government has even set up a training institute for men and it is only for men seeking jobs in the hospitality and tourism sector. While visitor numbers are still very much a trickle rather than a flood, they are increasing. Nearly 9,000 foreign tourists visited Afghanistan last year, while nearly 3,000 people visited in the first three months of this year, Jamal said. Four decades of near-continuous conflict kept nearly all vacationers away from this landlocked country of towering mountains, deep gorges and millennia of history. The Taliban's takeover from a US-backed government in August 2021 stunned the world and sent thousands of Afghans fleeing. But with the insurgency over, the bloodshed from frequent bombings and suicide attacks all but ended too. Attacks still occur, however. An Islamic State affiliate in Afghanistan remains active and gunmen killed six people, including three Spanish tourists, in a May 2024 attack in Bamiyan, one of the country's main tourist attractions where centuries-old giant Buddhas carved into the cliffs were blown up by the Taliban in 2001. While Western countries still advise against travel to Afghanistan, a drop in violence from the two decades of US-led military presence is indisputable, as the government is keen to point out. Afghanistan has gone through many years of war and hardship. Now, we want tourists to come and see the true traditions and customs of Afghans, to understand Afghan life, creativity and resilience, Jamal said, noting there was comprehensive security across Afghanistan. An ethical dilemma Critics question the ethics of foreigners visiting Afghanistan for pleasure when its government discriminates so heavily against half the country's population. Education beyond primary school level is banned for girls and women and few professions are open to them. Women cannot enter parks, gardens or gyms. Beauty salons are forbidden. Authorities dictate how women dress and have demanded they cover their faces in public, a decree still flouted by many, particularly in Kabul. Some visitors say they contemplated the ethics, but ultimately wanted to see the situation for themselves. French-Peruvian Illary Gomez said she and her British partner, James Liddiard, debated for about a year whether to drive through Afghanistan as part of their UK-to-Japan camper van journey. Some things didn't feel morally right, she said. But once here, they said they found a warm, hospitable and welcoming people and beautiful landscapes. They didn't feel their presence was any form of support for the Taliban. By travelling, you put money in the hands of the people, not the government, Liddiard said. Building bridges The treatment of women is particularly sensitive for government officials. Jamal declined to comment on the subject beyond saying male and female visitors were welcome. Those who respect our laws and traditions have already come and can continue to come, he said. While most restrictions are strictly enforced on Afghan women, they are far more relaxed for foreigners. Although they must still wear a headscarf in public, foreign women are more likely to gain entry into some restricted areas such as parks and are rarely asked to cover their faces in public. Opening the country to foreign visitors was also a way of building bridges, Jamal said. It is a great way to promote interaction between the people of different countries. It helps build international relations and is also beneficial for trade, he told the AP. When foreigners come here, Afghans also learn a lot from them. In addition to expanding commerce, tourism also helps foster mutual understanding, cultural exchange and strengthens talents as people learn from one another. A foreign traveller seeing the country with his own eyes creates closeness, builds connections and fosters trust among people, Jamal said. They will respect each other's culture and the distance between peoples will diminish. So this is not just economic development; it also brings spiritual and political benefits, he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
5 hours ago
- Time of India
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News18
6 hours ago
- News18
Meesho IPO: Shareholders Approve Rs 4,500 Crore Fundraise Via Public Issue
Last Updated: Meesho has officially changed its name from Fashnear Technologies Private Limited to Meesho Private Limited, ahead of IPO launch. Meesho IPO: The way for the launch of Meesho IPO has been cleared with the approval of its shareholders for a plan to raise Rs 4,500 crore ($500 million) through a fresh issue of equity shares. In the filing with Registrar of Companies, Meesho announced that the resolution was passed during an Extraordinary General Meeting on June 25, 2025. Additionally, the shareholders approved the designation of co-founder Vidit Aatrey as chairman, managing director, and CEO. It is part of Meesho's board rejig ahead of the launch of its IPO. Meesho is reportedly expected to file Draft Red Herring Prospectus (DRHP) in the coming months under the confidential route, as MoneyControl reported earlier. The company is planning to raise a total of around Rs 8,500 crore ($1 billion) through a mix of primary capital and an offer for sale (OFS). Earlier, Meesho shifted the headquarters to India as part of its public listing plan. Meesho mergered its Delaware-based entity Meesho INC. with its Indian arm. Meesho has officially changed its name from Fashnear Technologies Private Limited to Meesho Private Limited, as per a certificate of incorporation issued by the Ministry of Corporate Affairs on May 13. The name change, effective from May 13, 2025, aligns with Meesho's strategic focus on strengthening its brand identity as a leading e-commerce platform in India. It reflects Meesho's evolution into a comprehensive online marketplace. The company will now begin the process for its IPO, though the timeline for the listing has not been disclosed. While Prosus and SoftBank jointly hold around 22 percent of Meesho, this stake is relatively lower compared to the combined ownership of Elevation Capital and Peak XV Partners, the two largest investors in the e-commerce startup. Meesho's revenue surged from Rs 3,240 crore in FY22 to Rs 5,735 crore in FY23 and further to Rs 7,615 crore in FY24. At the same time, its net losses have dramatically reduced from Rs 3,248 crore in FY22 to just Rs 305 crore in FY24, highlighting its improved financial health. First Published:
