Elevation Capital, Peak XV Partners Sell Meesho Stock Worth ₹1,949 Cr
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VC firms Elevation Capital and Peak XV Partners cumulatively sold 10.28 Cr shares of ecommerce major Meesho via multiple bulk/block deals on August 4, netting ₹974.6 Cr apiece. Elevation Capital, via holding entity Elevation Capital V Ltd, and Peak XV Partners, via Peak XV Partners Investments V, both sold 5.24 Cr shares at an average selling price of ₹186. The shares that flooded the market were lapped up by ADIA, Fidelity, Morgan Stanley, Goldman Sachs, HSBC Mutual Fund, Kotak Mahindra Mutual Fund, among others. The deals materialised at a 3% discount from Meesho’s closing price today of ₹191.90. The stock has largely been on an upward trend since the company’s financial disclosures on July 23. In Q1 FY27, Meesho managed to slash its consolidated net loss by 54% YoY to ₹132.8 Cr in Q1 FY27. Its losses declined by a fifth on a sequential basis. The company earned ₹3,707 Cr in operating revenue, 48% higher YoY. Its marketplace business managed to trim EBITDA losses 6% YoY to ₹139 Cr. However, its new initiatives reported an EBITDA loss of ₹39 Cr, more than doubling from the year-ago period. It reported 72.5 Cr orders placed during the quarter, amounting to a net merchandise value (NMV) of ₹11,614 Cr. The improvement in the stock performance gives Meesho’s early backers a solid window to bank on their initial investments. Elevation Capital first backed Meesho in August 2017, leading the company's Series A funding round while Peak XV's first investment in Meesho was $7.15 Mn for 18.4% stake. At the end of the June quarter, Elevation Capital controlled over 12% stake in Meesho and Peak XV held over 11% across multiple holding entities. Notably, both investors had sold Meesho shares as part of the firm’s IPO. Elevation Capital offloaded 2.4 Cr shares, more than any other investor, making a 37X return on its investment. Meanwhile, Peak XV had sold 1.7 Cr shares, bagging 26X return.
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