- Elevation Capital and Peak XV Partners sold 5.24 Cr shares each to the likes of ADIA, Fidelity, Morgan Stanley, Goldman Sachs, etc.
- The two VC firms are among Meesho’s largest investors and had offloaded stake during the company’s IPO as well, minting huge returns.
- 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.
- 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.
- Elevation Capital offloaded 2.4 Cr shares, more than any other investor, making a 37X return on its investment.
- Peak XV had sold 1.7 Cr shares, bagging 26X return.
Elevation Capital and Peak XV Partners have sold a combined 10.28 crore shares of Meesho for ₹1,949 crore through multiple bulk deals on August 4. The shares were acquired by prominent investors including ADIA, Fidelity, Morgan Stanley, and Goldman Sachs.1578910
Each firm sold 5.24 crore shares at an average price of ₹186, which is a 3% discount from Meesho's closing price of ₹191.90. This sale comes after Meesho reported a 54% year-on-year reduction in its consolidated net loss to ₹132.8 crore for Q1 FY27, alongside a 48% increase in operating revenue to ₹3,707 crore.6
The company also recorded 72.5 crore orders during the quarter, resulting in a net merchandise value (NMV) of ₹11,614 crore. Elevation Capital, which first invested in Meesho in August 2017, has seen significant returns, offloading 2.4 crore shares for a 37X return on its investment, while Peak XV sold 1.7 crore shares for a 26X return.
Both firms are among Meesho's largest investors, having previously divested shares during the company's IPO, further solidifying their positions in the rapidly growing e-commerce sector.
“The firms offloaded 10.28 Cr shares at an average ₹186 apiece, netting ₹974.6 Cr each, at a 3% discount to Meesho's ₹191.90 close. Meesho's stock has largely trended up since its July 23 financial disclosures, which showed net loss down 54% YoY to ₹132.8 Cr on ₹3,707 Cr operating revenue.”
