SoftBank is trimming its bet on Meesho.
SVF II Meerkat LLC, an investment affiliate of the Japanese conglomerate, is putting a 1% stake in Meesho Ltd on the block to raise approximately ₹1,174 crore, according to transaction term sheets circulated to institutional buyers. The transaction sets a floor price of ₹246.23 per share—a 3.1% discount to the stock's last close. Shares of Meesho ended trade at ₹254.15 on the BSE, up 2.42% or ₹6.00, before the institutional block hit the market. Market transaction data indicated secondary block activity could range as high as 1.7% or ₹1,650 crore across broader institutional syndicates.
Market Context: Large institutional exits following initial lock-in cycles frequently test liquidity depth for newly public e-commerce operators. For Meesho, the block arrives at a key inflection point where cash generation and margin expansion have begun to eclipse pure user-acquisition burn.
The stake sale follows a sharp operational turnaround in the company's financial report for the quarter ended September 30, 2026. Meesho narrowed its net loss by 68% year-on-year to ₹132 crore, down from a loss of ₹411 crore logged during the corresponding period last year.
Cash flow turned positive. The e-commerce marketplace generated ₹345 crore in quarterly free cash flow, reversing from a cash drain of ₹226 crore in the preceding quarter on the back of seasonal working capital gains. Total cash reserves stood at ₹7,048 crore as of September 30, 2026.
Net Merchandise Value (NMV) expanded 23% year-on-year to touch ₹12,911 crore. When measured on a festive-aligned basis spanning the 90 days leading into Dussehra—adjusting for the shift of its annual flagship Mega Blockbuster Sale from the second quarter into the third quarter—NMV jumped 33% year-on-year. Placed orders climbed 17% to 819 million.
| Financial & Operating Metrics | Q2 (Ended Sept 30, 2026) | Prior-Year Period / Trend | Year-on-Year Change |
|---|---|---|---|
| Net Merchandise Value (NMV) | ₹12,911 crore | — | +23% |
| Net Loss | ₹132 crore | ₹411 crore | -68% (Narrowed) |
| Free Cash Flow | ₹345 crore | -₹226 crore (Preceding Quarter) | Reversal to Positive |
| Cash & Bank Balance | ₹7,048 crore |
Customer stickiness showed broad gains across regional consumption hubs. Annual Transacting Users expanded 21% year-on-year to 284 million, while annual purchase frequency stepped up 7% to 10.4 orders per consumer. First-time buyers on the platform rose 16% quarter-on-quarter.
Meesho Mall—the branded storefront aimed at tier-2 and tier-3 shoppers—posted an 81% year-on-year surge in NMV. The tier-3-plus pocket accelerated faster at 89% growth, with roughly half of Mall transacting customers entering the branded category for the first time. The Mall footprint now houses approximately 1,800 brands.
Social video selling gained sudden velocity. Content Commerce NMV leaped 160% year-on-year as active order-generating clips surged 144% to 2.2 million units. Over 4 lakh merchants now participate in the video format, lifting total Annual Transacting Sellers across the wider marketplace 60% year-on-year to 1.13 million.
To fortify governance amid scaling retail channels, Meesho appointed former Godrej Consumer Products CEO Sudhir Sitapati as an independent director to its board. Institutional desks will look to settlement volume data at the market open to see whether domestic mutual funds absorb SVF II Meerkat's paper or if the stock bends toward the ₹246 floor.
| — |
| Stable Base |
| Annual Transacting Users | 284 million | 234.7 million | +21% |
| Placed Orders | 819 million | 700 million | +17% |
| Order Frequency per User | 10.4 transactions | 9.7 transactions | +7% |
| Active Sellers | 1.13 million | 0.70 million | +60% |
| Meesho Mall NMV Growth | — | — | +81% |
| Content Commerce NMV Growth | — | — | +160% |