E-commerce

Decoding Meesho’s DRHP: a solid ecommerce story, but does it have a strong public market one?

Pranav Balakrishnan

Nikhil Patwardhan

October 21, 2025 | 16 Min Read

Meesho filed its DRHP just as it overtook Flipkart to become India’s largest ecommerce platform by order volume. But beyond its well-established ecommerce success, the company’s new bets in logistics, fintech, and content creation still look too early-stage to move the growth needle significantly.

In early 2015, Vidit Aatrey sat quietly in a women’s boutique in Bengaluru’s Koramangala, watching the shop owner use WhatsApp to sell sarees. No inventory, no website—just trust, screenshots, and relentless hustle. That informal moment became the seed for Meesho, the company Aatrey would co-found later that year with Sanjeev Barnwal. Their thesis was straightforward: India’s next wave of commerce wouldn’t start in malls or marketplaces, but in the group chats of small-town sellers and homemakers with smartphones.

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