INDIA: Meesho Limited, a multi-sided technology platform that drives e-commerce in India by bringing together four key stakeholders – consumers, sellers, logistics partners, and content creators – has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The proposed initial public offering comprises a fresh issue of equity shares aggregating up to ₹4,250 crore, each with a face value of ₹ 1, and an offer for sale of up to 17,56,96,602 equity shares, also with a face value of ₹1, by selling shareholders. The offer for sale comprises of equity shares by Elevation Capital V Limited, Peak XV Partners Investments V, Highway Series 1, a Series of Venture Highway SPVs LLC, Y Combinator Continuity Holdings I, LLC, Golden Summit Limited, VH Capital,  VH Capital XI (Corporate Selling Shareholders), Vidit Aatrey, Sanjeev Kumar (Promoter Selling Shareholders) and Man Hay Tam (Individual Selling Shareholder).

The Company proposes to utilize the Net Proceeds towards funding the following: investment for cloud infrastructure in Meesho Technologies Private Limited, the Subsidiary; payment of salaries of existing and replacement hires for the Machine Learning and AI and technology teams for AI and technology development undertaken by Meesho Technologies Private Limited, the Subsidiary; investment in Meesho Technologies Private Limited, the Subsidiary, for expenditure towards marketing and brand initiatives; and funding inorganic growth through acquisitions and other strategic initiatives as well as general corporate purposes.

In FY25, Meesho emerged as India’s largest e-commerce platform by Annual Transacting Users and annual Placed Orders among e-commerce players in India. The platform connected over 500,000 transacting sellers with ~199 million Annual Transacting Users, facilitating ~1.8 billion Placed Orders during the year – a true reflection of our focus on making e-commerce affordable, accessible, and engaging for consumers across India.

Meesho’s Annual Transacting Users grew ~28% year-on-year in FY25 and continues to show significant traction across India, with Annual Transacting Users (ATU) for the Last Twelve Months (LTM) ending June 2025 reaching ~213 million. Between FY23 and FY25, order frequency improved from 7.5x to 9.2x per year and 9.4x for the last twelve months ended June 2025, highlighting rising engagement and trust as we continue to enhance discovery and experience across the platform.

Total orders increased from ~1 billion in FY23 to ~1.8 billion in FY25, and recorded ~562 million for the three months ended June 30, 2025, ~50% year-on-year growth in Q1 FY26. Growth in Placed Orders during Fiscal 2025 was driven by strong momentum across India, including orders from the Top 8 cities, which grew by ~46% compared to overall platform growth of ~37%.

Building on this scale, the Net Merchandise Value (NMV) grew ~29% year-on-year to INR  ₹29,988 crores in FY25, following ~21% growth in FY24. In Q1FY26, NMV growth further accelerated to ~36% year-on-year, reaching INR 8,679 crores. Growth investments and improved value proposition of the platform through better pricing, discovery, and assortment have led to this acceleration of NMV.

In e-commerce, NMV refers to the cumulative checkout value of successfully delivered orders, inclusive of taxes. It is a core measure of platform health as it reflects the strength of customer adoption and repeat usage, making it a key driver of revenue, margins, and cash flow across the ecosystem.

Demonstrating a remarkable turnaround, Meesho became the largest free cash flow generator among scaled listed e-commerce companies in India in FY25. Last Twelve Months Free Cash Flow swung from negative INR 2,336 crore to a positive INR 1,032 crore (with interest income) and INR 591 crore (excluding interest income), reflecting the benefits of an asset-light, capital-efficient model that allows the company to grow scale and depth without significant capital outlay.

Loss (before tax and exceptional items) narrowed from INR 1,672 crores in FY23 to INR 108 crores in FY25, even as we increased investments in technology and user acquisition to strengthen our growth trajectory.

The net loss for FY25 stood at INR 3,942 crores, primarily due to one-time exceptional items, including reverse flip tax and perquisite tax, which were necessary for the company’s transition to a public structure.

In Q1 FY26, they continued to invest in growth, driving NMV up ~36% year-on-year for the corresponding period and reaching ~562 million orders, showing growth of ~50% for Placed Orders. As the company expanded in scale, related costs such as server and technology expenses increased, reflecting the investments required to support the platform’s growth. As a result, the quarter’s loss before exceptional items was INR 148 crores, and net loss was INR 289 crores, consistent with the strategic investments they are making to grow market share.

FY25 and Q1 FY26 reaffirmed Meesho’s leadership in democratizing internet commerce for everyone. The company remains focused on broadening market reach, creating long-term value for the ecosystem, and building a sustainable foundation for the next phase of growth.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, and Citigroup Global Markets India Private Limited are the Book Running Lead Managers to the issue.

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MUMBAI: RSB Retail India Limited, a leading multi-format apparel retailer catering to premium, mid-premium, and value customer segments offering ethnic wear, everyday casual wear, and formal wear, has filed the draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Hyderabad-based company is a combination of a fresh issue of equity shares aggregating up to Rs. 500 crore and an offer for sale (OFS) of up to 2.98 crore equity shares by the selling shareholders.

As part of the OFS, the Selling Shareholders include Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, Tiruveedhula Keshav Gupta, Maturu Venkata Lakshmi Sindhu, Gourishetty Lalitha, and Potti Malathi Lakshmi Kumari.

RSB Retail proposes to utilize the Net Proceeds from the Fresh Issue as follows: Rs. 275 crore towards repayment/ prepayment of certain loan facilities availed by the company; Rs. 118 crores towards setting up of new stores under the R. S. Brothers and South India Shopping Mall formats; and the rest on general corporate purposes.

RSB Retail, incorporated in 2008, traces its journey to the year 1999, when the first R.S. Brothers store in Koti, Hyderabad, Telangana, was launched. As of March 31, 2025, RSB Retail had 73 stores across 22 cities in three South Indian states – Telangana, Andhra Pradesh, and Karnataka. It operates primarily through five key brick-and-mortar store formats – South India Shopping Mall, R.S. Brothers, Kanchipuram Narayani Silks, Dè Royal, and Value Zone Hyper Mart

In Fiscal 2025, RSB Retail India Limited registered a revenue from operations of Rs. 2694 crore, recording a CAGR of 12.55% from FY23 to FY25. The FY25 profit after tax was Rs. 104.4 crore.

Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh, and Tiruveedhula Keshav Gupta are the Promoters of the Company.

The apparel market in South India accounted for 28% of the total apparel market and was valued at Rs. 1,723 billion in Fiscal 2024. This market is further projected to grow at a CAGR of 12% to reach a value of Rs. 3,050 billion by Fiscal 2029.

Motilal Oswal Investment Advisors Limited, HDFC Bank Limited, and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.

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The #SEBIvsSCAM campaign comes at a critical time when digital financial fraud is on the rise, with fraudsters using increasingly sophisticated and deceptive methods to target investors. From fake trading apps and deepfake videos to unregistered investment advisors and misleading stock tips on social media, scammers are exploiting technology and denting investors’ trust. Many individuals (#SEBIvsSCAM) fall prey to schemes promising guaranteed returns/unusually high returns, pump-and-dump tactics, dabba trading, fraudulent foreign portfolio investment offers, etc, often resulting in significant financial losses.

#SEBIvsSCAM seeks to raise public awareness, promote safe investing habits, and empower investors to make informed decisions. By spotlighting common scams and offering guidance, the campaign aims to help investors recognize warning signs, verify sources, and report suspicious activities—ultimately contributing to a more secure and transparent financial ecosystem.

To ensure maximum outreach (#SEBIvsSCAM), NSE, under the aegis of SEBI, will leverage a mix of media platforms, including television, radio, print, digital, and social media. We will also spread the Investor Awareness (#SEBIvsSCAM) messages through Investor Awareness Programs, which are done through physical, digital, and hybrid modes. This multi-channel approach is designed to reach investors across urban and rural areas, in multiple languages and through formats that are accessible and engaging to diverse audiences.

Investor Advisory: Stay Alert, Stay Protected

•      Do not fall for promises of assured or fixed returns in the securities market. Such offers are illegal and misleading.

•      Avoid unsolicited messages from unknown sources. Always verify information through official websites such as SEBI, NSE, or the concerned company.

•      Do not download unregulated apps or join chat groups offering investment advice.

•      Engage only with SEBI-registered intermediaries or research analysts. Verify their credentials at: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes   

•      Download trading apps only from SEBI-registered trading members via official app stores. Verify apps https://www.nseindia.com/trade/members-compliance/list-of-mobile-applications

•      Transfer funds only to registered client bank accounts of your stockbroker. Verify account details at https://enit.nseindia.com/MemDirWeb/form/tradingMemberLocator_beta.jsp

•      From October 1, 2025, investors will be able to make payments to SEBI-registered intermediaries using a standardized UPI handle format (e.g., abc.brk@validbank).

•      Report any fraudulent activity at www.cybercrime.gov.in  or call the Cybercrime Helpline at 1930. For investor support, contact NSE at 1800 266 0050.

Issued in public interest by the National Stock Exchange of India Ltd under the aegis of the Securities and Exchange Board of India.

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According to sources familiar with the matter, the IPO size is expected to be around $700 mn – $1 bn, comprising a mix of a fresh issue and an offer for sale component. The company is backed by marquee investors like Peak XV, RIBBIT, YC, ICONIQ, Tiger Capital, and Microsoft CEO Satya Nadella. Proceeds from the IPO are expected to be invested in technology development and business expansion. 

As reported earlier, Merchant bankers to the issue include JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Citigroup Global Markets Private Limited, Axis Capital Limited, and Motilal Oswal Securities Limited.

Groww began in 2016 and has emerged as the fastest-growing retail broking platform in India in FY25, with over 26% market share as of March 2025. In FY25, Groww emerged as the single-largest contributor, adding 34 lakh new accounts—a 40% share of NSE’s growth. The Company’s active client base rose from 9.5 million in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase. According to reports, the company is likely to raise $100-150 million in funding at a post-money valuation of $7 billion from Singapore-based asset management firm GIC. The round is part of a larger $250-300 million round, which is expected to close within the next two weeks.

Groww’s uniform growth is attributed to its mobile-first, user-friendly experience and a focus on education, which appeals to retail investors across the country.

Groww is at the forefront of digitising retail investing in India. Its customer-centric approach has built a platform enabling seamless access and an informed investing culture.

Groww turned profitable in FY23, with revenue of ₹1,277 crore and a profit of 449 crore. In FY24, Groww reported revenue of ₹3,145 crore with an operating profit of ₹535 crore, indicating consistently strong business performance. Last year the company paid a one time tax of ₹1,340 crore in India domicile move, leading to a net loss of ₹805 crore. The company’s steady rise indicates how technology-led investing is reshaping investor choices and is set to transform the future of India’s financial markets.

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According to the DRHP, the Initial Public Offering of the Kolkata-headquartered company consists of a Fresh Issue of equity shares aggregating up to Rs. 600 crore and an Offer for Sale of equity shares aggregating up to Rs. 400 crore. The OFS comprises stake sale by the Promoter Selling Shareholders, P N S Business Private Limited and Rasish Consultants Private Limited.

Fusion CX proposes to utilize proceeds of the fresh issue to the tune of Rs 292 crore for payment of debt, Rs 75 crore towards investment in step-down subsidiaries – Omind Technologies Inc and Omind Technologies Private Limited – for upgrading IT tools.

Additionally, funds will be used for pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Fusion CX is a customer experience (CX) service provider delivering high-end, complex, and integrated CX services across multiple channels including voice, email, chat, social media and message, and focused on key verticals such as telecom, high-tech growth and travel, BFSI, retail and healthcare.

Incorporated in 2004, Fusion CX blends deep domain expertise with a portfolio of proprietary AI tools to enable intelligent, multilingual, and omnichannel engagement at scale through a broad spectrum of generative AI-driven technologies that enhance customer engagement, operational efficiency, and digital transformation.

It has developed a multilingual global network with 40 delivery centers spread across 15 countries as on December 31, 2024. It’s client portfolio of 197 customers includes 22 Fortune 1000 companies and some of its key customers include DMEC Capital Services, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 ClaimsServices Sentry Credit, and Traya.

On the financial front, Fusion CX reported revenue from operations of Rs. 991 crore and a profit after tax (PAT) of Rs. 36 crore for FY24, while its revenue for nine months ended FY25 (9MFY25) was Rs. 925 crore with a PAT of Rs. 47 crore.

Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

Link to DRHP: https://www.bseindia.com/corporates/download/390034/IPO%20Prior/DRHP_20250527101617.pdf

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The offer comprises of fresh issue of equity shares aggregating up to ₹4290 million (₹429 crore) (The “Fresh Issue”) and an offer for sale by Selling Shareholders aggregating up to ₹14710 million (₹1471 Crore) (The “Offer for Sale”).

Promoters of the company are Abhiraj Singh Bhal (Chairperson, Managing Director, and Chief Executive Officer), Raghav Chandra (Executive Director and Chief Technology and Product Officer), and Varun Khaitan (Executive Director and Chief Operating Officer).

Investors include: Accel India IV (Mauritius) Limited, Elevation Capital V Limited (formerly known as SAIF Partners India V Limited), VYC11 Limited, Bessemer India Capital Holdings II Ltd., Naspers Ventures B.V., Internet Fund V Pte. Ltd., Think Investments PCC, Arohi Seed SPC – Arohi Seed SP-1, Wellington Hadley Harbor AIV Master Investors (Cayman) III, Ltd, ABG Capital and DF International Partners among others.

In nine months ended December 31, 2024, Urban Company was the leading online full-stack home and beauty services platform in India, based on net transaction value (“NTV”), as per the Redseer Report

The company operates in 59 cities across India, the United Arab Emirates (“UAE”), Singapore, and the Kingdom of Saudi Arabia (“KSA”), of which 48 cities are in India, as of December 31, 2024. The company’s platform enables consumers to easily order services, including cleaning, pest control, electrician, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming, and massage therapy. These services are delivered by trained and independent service professionals at the consumer’s convenience. In Fiscals 2023 and 2024, Urban company expanded into home solutions with the launch of water purifiers and electronic door locks, respectively, under the brand name ‘Native’.

The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). (“Listing Details”)

Kotak Mahindra Capital Company, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, and JM Financial Limited are the Book Running Lead Managers to the issue. (The “BRLMs”)

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The website is accessible at www.IndiaMunicipalBonds.com

Key segments of the website include:

•  Explore Bonds: Users can screen to filter and analyze outstanding municipal bonds based on parameters like credit rating, maturity, yield, etc., and compare multiple bonds based on these parameters  
• Municipal Bond Index: Users can track the historical performance of the municipal bonds market using the Nifty India Municipal Bond Index and compare its historical performance with other relevant bond indices
• Market Activity: Users can track aggregate and average daily trading values across municipal bond issuers for different periods
• Resources: This section includes various reports, articles, guidelines, and regulations related to the Municipal Bonds market

Speaking on this landmark initiative, Shri Ashwani Bhatia, SEBI Whole-Time Member, stated: “The launch of a dedicated municipal bond website is a great initiative that will significantly enhance the credibility and visibility of the municipal bonds market in India. This website will help bridge the information gap and attract investors to participate in financing urban development projects. As municipalities strive to raise funds for infrastructure growth, such measures are crucial in ensuring a robust municipal bonds market. We look forward to leveraging this platform to strengthen the municipal bonds ecosystem further and drive sustainable urban development.”

Shri Ashishkumar Chauhan, MD & CEO of NSE, stated, “The launch of this website marks a significant step towards developing the municipal bonds market in India. By offering structured data and greater market transparency, we are empowering investors with the knowledge and insights needed to make informed investment decisions. This initiative perfectly aligns with NSE’s purpose and vision to improve the financial well-being of people by fostering a more efficient, liquid, and well-regulated bond market. This initiative will encourage greater participation from institutional and retail investors, ultimately aiding the development of urban infrastructure.”

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The IPO comprises a fresh issue worth Rs 115 crore alongside an offer for sale (OFS) of up to 15.27 lakh shares by existing promoters, according to the draft red herring prospectus (DRHP) filed on Friday.

As part of the OFS, promoters Mukesh R Kapadia and Umed Amarchand Fifadra plan to divest up to 7.64 lakh shares each.

At present, promoters and promoter group entities hold 82.57 percent stake in the company.

Proceeds from the fresh issue will be used to support capital expenditure requirements, funding long-term working capital requirements, and for general corporate purposes.

The company is a key player in industrial automation, specializing in large-scale measurement, control, and automation solutions. The company focuses on Industrial Automation Solutions, including advanced automated metering systems for oil and gas terminals, as well as the modernization of manual facilities.

As of September 30, 2024, the company has executed over 200 installations across India and international markets.

Inga Ventures and Sowilo Capital Advisors are the book-running lead managers for the issue

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WeWork India Management Limited (“WeWork India”), one of India’s leading premium flexible workspace operators and the largest operator by total revenue in the past three Fiscals (Source: CBRE) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The company provides flexible, high-quality workspaces to a diverse range of customers, including large enterprises, small and mid-size businesses, startups, and individuals. Its member base includes a marquee roster of Fortune 500 companies, international and domestic corporations, large enterprises, GCCs, MSMEs, and startups.

The company’s initial public offering comprises an Offer for Sale (OFS) of equity shares of up to 43,753,952 equity shares.

The offer for sale comprises up to 33,458,659 equity shares by Embassy Buildcon LLP (“Promoter Selling Shareholder”), and up to 10,295,293 equity shares by 1 Ariel Way Tenant Limited (“Investor Selling Shareholder”).

The company will not receive any proceeds from the offer for sale.

JM Financial Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 ONE WAM Limited are the Book Running Lead Managers to the issue.

WeWork India’s strength of its brand and offerings, combined with its association with the WeWork global network, has enabled it to attract and foster long-term relationships with marquee global brands, including Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton. The company is the exclusive licensee of the WeWork Brand in India.

WeWork India, the largest operator by total revenue in the past three Fiscals (Source: CBRE) is a category-defining, aspirational brand in India, with a loyal customer base (source: AGR). The company has played a significant role in the growth of the flexible workspace sector in India and has been a key contributor to the evolution of flexible workspace products and services (source: CBRE).

WeWork India is majority-owned by Embassy Group, one of India’s leading real estate developers, which has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT—India’s first REIT and Asia’s largest office REIT by leasable area, according to CBRE. WeWork India is one of the few flexible workspace operators in India backed by a major real estate developer.

The company offers high-quality workspaces by designing, building, and operating them to global standards. As of June 30, 2024, Grade A properties accounted for approximately 93% of our portfolio. (source: CBRE).

WeWork India’s centers are located in Tier 1 cities in India – Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. The company benefits from WeWork Global, a pioneer of flexible office space globally with approximately 600 wholly-owned and licensed locations in 35 countries.

As of September 30, 2024, WeWork India’s portfolio comprised 94,440 desks across 59 Operational Centres with an aggregate Leaseable Area for Operational Centres of 6.48 million square feet.

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According to the draft red herring prospectus, the Initial Public Offering of the company consists of a Fresh Issue of equity shares aggregating up to Rs. 1000 crores and an Offer for Sale of up to 18,93,98,200 Equity Shares (18.9 crore shares) by the Selling Shareholders. Under the offer for sale component, Greaves Cotton Limited, the Promoter Selling Shareholder will divest 5.1 crore equity shares, and Abdul Latif Jameel Green Mobility Solutions DMCC, the Investor Selling Shareholder will divest 138,398,200 Equity Shares (13.8 crore shares).

The company, in consultation with the BRLMs, may consider a pre-IPO placement aggregating up to Rs. 200 crores before filing the Red Herring Prospectus. If the pre-IPO placement is completed, the fresh issue will be reduced to the extent of such pre-IPO placement.

Greaves Electric Mobility Limited (GEML) which was established in 2008 proposes to utilize the Net Proceeds of the Fresh Issue towards investment for product & technology development and enhancing capabilities at its Technology Centre in Bengaluru (Rs. 375.2 crores); development of in-house battery assembly capabilities (Rs. 82.9 crores); funding the expansion of the manufacturing capacity of Bestway Agencies Private Limited (wholly owned Material Subsidiary) (Rs. 19.8 crores); expansion of the financing of the manufacturing capacity of MLR Auto Limited (a Material Subsidiary) (Rs. 38.2 crores); increasing company’s stake in MLR through acquisitions (Rs. 73.6 crores); increase digitization and deployment of information technology infrastructure (Rs. 27.8 crores); funding inorganic growth through unidentified acquisitions and general corporate purposes.

GEML’s vehicle portfolio caters to a diverse customer base, with its offerings spanning E-2W across all three segments – High-Speed e-scooters, City Speed e-scooters, and Low-Speed e-scooters, with models for B2C and B2B use cases, and 3Ws which includes products across the entire spectrum of 3W mobility, which provides for electric three-wheelers, internal combustion engine three-wheelers (diesel or CNG) and e-rickshaws, with models for cargo and passenger use cases.

As of September 30, 2024, GEML operated three manufacturing facilities in strategic locations in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh) and Toopran (Telangana). The company’s revenue from operations as of Fiscal 2024 was Rs. 611.8 crores and Rs. 302.2 crores for the six months ended September 30, 2024.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited are the book-running lead managers to the issue.

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