WestBridge Capital to acquire stake in Meesho through a secondary transaction
By MYBRANDBOOK
WestBridge Capital is reportedly negotiating to purchase a portion of Meesho through a secondary transaction. The venture capital firm is now looking to acquire a 1-2 percent share in the online retailer. In a secondary transaction an investor buys stake in a firm from an existing backer so the money doesn’t go into the company’s coffers. Most secondary transactions typically happen at a discount of about 25-30 percent from the company’s previous valuation.
In the current transaction, WestBridge is looking to buy a 1-2 percent stake in Meesho from Venture Highway at a valuation of around $3-3.5 billion, or about 40 percent lower than what Meesho commanded during its last fundraise. The Bengaluru-based company had last raised $570 million at a valuation of $4.9 billion in September 2021.
Venture Highway’s 5 percent stake in Meesho is now worth around $250 million. The transaction comes at a time when Meesho said it turned profitable on a PAT basis in the month of July. If the deal goes through, Venture Highway could be making a handsome exit since it first backed the company seven years ago and has participated in several follow-on rounds after.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...